Update: Guidance reaffirmed
At a time of heightened concerns about the Chinese economy’s prospects, Firstextile has reported a decline in Q2 revenues and profitability. Unsurprisingly, the share price, already weaker after steep declines in June, has fallen further. Yet management confirms that capacity expansion is on schedule and on budget. It has reiterated its original FY15 guidance. On that basis, traditional metrics suggest the shares are inexpensive.
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