JP Morgan: Lowered target price for JOHNSON ELEC H (00179) to 54 HKD with a "Neutral" rating.

JPMorgan Chase released a research report stating that Johnson Electric Holdings Limited (00179) met expectations for its mid-term performance at the end of September. Revenue decreased by 1% year-on-year and increased by 2% to $1.8 billion in the first half of the year. Net profit increased by 3% year-on-year and remained stable in the first half of the year, reaching $133 million, mainly benefiting from continuous improvement in the Automotive Products (APG) business and contributions from the Industrial Products (IPG) business. The target price was lowered from HK$67 to HK$54, with a recommendation of "hold". The report noted that the company provided limited details on its new business plans during the financial results briefing, consistent with its usual communication style. Without more disclosure on the progress of orders for AIDC and Siasun Robot & Automation, it is expected that market sentiment towards the stock will remain subdued. Any specific updates on these business channels could trigger a significant revaluation of the stock.