KINGDEE INT'L (00268.HK) Once Crashes 8%+ as Several Brokers Slash Their TPs

　　KINGDEE INT'L (00268.HK) -0.280 (-4.154%) Short selling $11.22M; Ratio 3.410% closed crashing 12% yesterday (15 July). The stock continued the plunge today (16 July), once plummeting 8.6% to $6.16, a new low since January 2019. It trades now at $6.27, crumpling 6.97%, with 26.2877 million shares traded, involving $165 million.

　　The company was downgraded by a number of brokers. CLSA believed uncertainty in the macro-economy has affected the market's investment sentiment towards KINGDEE and even its financial performance. CLSA lowered its sales and net profit forecasts on the company for 2024 to 2026, and cut its target price from $13.8 to $9.3, while keeping its Outperform rating.

　　Morgan Stanley chopped KINGDEE's target price from $14.6 to $10 and maintained its Overweight rating, suggesting that the company's guidance is subject to downside risk due to weak demand from SMEs.

　　Nomura lowered KINGDEE's target price to $11 and maintained its Buy rating, saying that unfavourable macro factors may affect corporate IT spending in 2Q24, especially for SMEs.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-15 16:25.)