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=MARKET BUZZ: Yixin Falls 9% After 1Q; China Galaxy Says Gross Margin Misses View

HONG KONG (Jun 14) -- Yixin Group off 5.6% at HK$4.19 against day’s low of HK$4.05 after controlling shareholder Bitauto Holdings says Chinese online car transactions platform recorded net loss of CNY221.4 million in March quarter on revenue of CNY1.23 billion. Non-GAAP loss for period was CNY62.3 million, while gross profit was CNY598.7 million. China Galaxy International says while 1Q revenue “looks encouraging,” gross margin of 49% lower than consensus estimate of 53% due to higher funding costs. Still, brokerage says Yixin on track to meet full year revenue estimate of CNY6.1 billion. House says stock worth a "revisit" as share price corrected over 50% from its peak; currently at about 39x 2018E P/E ratio.

- By Amy Lam;; +852 3960 5150
- Edited by Suzannah Benjamin
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