![]() ![]() Morgan Stanley was the most optimistic, raising its target price from $32 to $54, versus the stock’s latest close of $26.01.ģ60 DigiTech has improved its delinquency rate for loans overdue by more than 90 days to 1.17%. Investment banks remained positive on the company after the results and rated it a “buy” or “outperform,” with some lifting their target price. But the initial euphoria later waned, and the shares slid 4.1% and 2.6% the next two trading days. Its share price and volume jumped 6.5% and 86%, respectively, last Tuesday. The stock traded higher after the results were announced as investors welcomed the report. The company announced it will distribute a dividend of $0.14 per ordinary share, or $0.28 per American depositary share (ADS), for the third quarter, and commit to maintain its quarterly dividend payout at 15% to 20% of net income, to achieve “common prosperity” with shareholders. Its net income increased by 27% to 1.56 billion yuan. Judging from its third-quarter results, the company seems to be on the right path.ģ60 DigiTech’s revenue rose 24.6% year-on-year to 4.6 billion yuan ($716 million) in the three months through September. Since having its main 360 Jietiao app removed and later returned to China app stores earlier this year, the company has shifted to an asset light strategy, combined with automation. If making a fast and effective transformation is key to catching investors’ eyes, 360 DigiTech (QFIN.US) has done the job well. Following Beijing’s determination to clean up China’s fintech sector, “survival” has become the mantra for all companies in the space.
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