CROSBY Research – China Suntien Green Energy (956 HK/BUY): 3Q22 revenue up 22.8% YoY

07 Nov 2022

Suntien reported its 3Q22 P/L and operating data, with 3Q22 revenue up by 22.8% YoY to Rmb2.82bn and adjusted NP (after deducting non-recurring items) was at Rmb43.4m, compared to adj. net loss of Rmb56.2m in 3Q21. 9M22 revenue was up by 20.3% YoY to Rmb13.05bn, while adjusted NP was up by 0.3% YoY to Rmb1.65bn. Net OCF was down by 10.1% YoY to Rmb2.83bn in 9M22.