久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / Finance

Bearish traders lose big on milk

(China Daily) Updated: 2016-10-25 10:05

Betting against a loss-making Chinese milk producer is turning into a painful trade for short sellers.

China Modern Dairy Holdings Ltd has surged 81 percent since its July low, making it the third-best performer on an almost 500-member Hong Kong gauge. During that timeframe, short interest in the stock almost doubled to its highest level in 14 months, according to data compiled by IHS Markit Ltd and Bloomberg.

The steepness of the rally by the Maanshan, China-based company is surprising some analysts. There are twice as many sell ratings as buys on the company, which reported a loss in the first half of the year amid slowing Chinese demand for dairy products and rising competition. Investor confidence toward the industry has improved amid speculation milk prices will recover, according to Mizuho Securities Asia Ltd, while the stock surge may be forcing short sellers to return their borrowed shares at a higher price.

"Recent share moves of China Modern Dairy have been quite strong, so it may be making short sellers suffer losses," said Sam Chi Yung, senior strategist at South China Financial Holdings Ltd in Hong Kong. "It's still relatively cheaper than other players. This may support the shares to go up further."

While China Modern has rebounded, the stock is still down 60 percent from its November 2013 peak. The stock trades at 13 times earnings, compared with 36 times for China Huishan Dairy Holdings Co and China Mengniu Dairy Co's multiple of 21.

"The people who are buying it are buying it on the thesis that raw milk prices on the Chinese mainland have bottomed and are looking for the company to start going up in the coming quarters," said Jeremy Yeo, an analyst at Mizuho in Hong Kong. "On the other hand, the people who may be shorting it could be looking at things from a more near-term earnings basis. If you look at China Modern Dairy numbers over the last 12 months or so, it hasn't been very good."

The stock advanced 6.6 percent in the early afternoon, while the Hang Seng Index rose 0.4 percent. Short interest in the stock accounted for 4 percent of outstanding shares on Oct 19, near its highest level since July 2015, and up from a low of 2.4 percent three months ago. The average for members of the Hang Seng Composite Index is 1.4 percent.

The company's management declined to comment on short interest, according to Wendy Chan, a spokeswoman at Wonderful Sky Financial Group, which represents the company.

China Modern swung to a net loss of 566 million yuan ($84 million) in the first half, from a profit of 477 million yuan a year earlier. The shares are projected to drop 16 percent over the next 12 months, according to the consensus of analysts tracked by Bloomberg. There are six sell ratings, nine neutral recommendations and three buys.

While short sellers may have a chance to profit as the stock corrects after its rally, the shares will continue to climb over the longer term as the outlook for the industry brightens, according to Anson Chan, an analyst at Daiwa Capital Markets Hong Kong Ltd.

A gauge of dairy costs jumped 14 percent in September, the most in almost seven years, according to the United Nations' Food & Agriculture Organization.

BLOOMBERG

Hot Topics

Editor's Picks
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    伊人成人222| 国产精品无码人妻一区二区在线| www.九色.com| 午夜激情福利在线| 久久久久久久9| 国产aⅴ爽av久久久久| 日本韩国欧美在线观看| 一区二区三区四区毛片| 欧美精品一区免费| 精品国产一区二区三区在线| 亚洲精品视频导航| 日本www在线视频| 日本一二三区在线| 亚洲一区二区三区观看| 国产亚洲欧美在线视频| 蜜臀av性久久久久蜜臀av| 日本xxxx黄色| 国产主播在线看| 黄色一级片在线看| 成人一区二区av| 91小视频在线播放| 日本久久久久久久久久久久| www.日本在线视频| 一区二区三区日韩视频| 国产九九热视频| av免费网站观看| 国内外成人激情视频| av日韩一区二区三区| 国产日本欧美在线| 波多野结衣国产精品| 国产主播中文字幕| 黄色高清无遮挡| 欧美国产亚洲一区| 精品国产一区三区| 欧美黑人经典片免费观看| 97超碰国产精品| 久久久久久久香蕉| 超碰10000| 黄色污污在线观看| 99亚洲国产精品| 粉嫩av一区二区三区天美传媒 | 给我免费播放片在线观看| 亚洲高潮无码久久| 四虎影院一区二区| 91九色国产ts另类人妖| 国产精品99久久久久久大便| 亚洲一区二区在线视频观看| 91小视频网站| 天堂av在线网站| 久久久精品高清| 天堂中文av在线| 欧美一级免费在线| 天天综合网久久| 亚洲18在线看污www麻豆| 伊人色在线视频| 色黄视频免费看| 国产又大又长又粗又黄| 4444在线观看| 欧美精品自拍视频| 男人天堂网视频| 黑人粗进入欧美aaaaa| 国产色视频在线播放| 91插插插影院| xxxxxx在线观看| a在线视频观看| 欧美一级黄色影院| 91小视频在线播放| 熟妇熟女乱妇乱女网站| 欧美视频在线观看视频| 欧美污视频网站| 天堂av在线网站| av不卡在线免费观看| 青草网在线观看| 白嫩少妇丰满一区二区| 国内国产精品天干天干| 精品91一区二区三区| 国产精品久久久久久久乖乖| 国产精品免费观看久久| www.久久久精品| 特色特色大片在线| 欧美成人一区二区在线观看| 最新中文字幕免费视频| 精品久久免费观看| 久激情内射婷内射蜜桃| 一区二区在线播放视频| 做爰高潮hd色即是空| 久久久久免费看黄a片app| 天堂社区在线视频| 女人床在线观看| 女人另类性混交zo| 免费观看中文字幕| 苍井空浴缸大战猛男120分钟| www.桃色.com| 国产 日韩 欧美在线| 激情视频免费网站| 久久久久久久香蕉| 我看黄色一级片| 欧美精品卡一卡二| 午夜一级免费视频| 国产一区二区网| www.久久久久久久久久久| av免费观看大全| 五月天国产视频| 爱福利视频一区二区| 国产91porn| 亚洲欧洲日本精品| 欧美,日韩,国产在线| √天堂资源在线| 亚洲熟妇av一区二区三区| a级片一区二区| 天堂一区在线观看| 久久综合色视频| 中国一级大黄大黄大色毛片| 日韩有码免费视频| 日韩精品一区二区在线视频| 欧美三级理论片| 国产肥臀一区二区福利视频| 日本成人xxx| 黄色aaa级片| 99999精品视频| 激情六月天婷婷| 国产xxxxhd| 日韩av在线中文| 一本大道熟女人妻中文字幕在线 | 一区二区久久精品| av免费在线播放网站| 日本精品福利视频| theporn国产精品| 久久综合伊人77777麻豆最新章节| 欧美激情视频免费看| 400部精品国偷自产在线观看| 中文字幕第88页| 91国产精品视频在线观看| 亚洲熟妇无码一区二区三区| 日本老太婆做爰视频| 欧美 另类 交| 色婷婷一区二区三区在线观看| 欧美一级裸体视频| 成人一区二区三| 91视频最新入口| 可以在线看的av网站| 精品无码国产一区二区三区av| xxxxxx在线观看| 日本一本草久p| 大桥未久一区二区三区| 日韩精品视频网址| 一区中文字幕在线观看| 波多野结衣在线免费观看| 日韩在线不卡一区| 热久久久久久久久| 伊人国产精品视频| 视频区 图片区 小说区| 午夜啪啪免费视频| 国产精品夜夜夜爽张柏芝| 9l视频自拍9l视频自拍| 大桥未久一区二区三区| 大桥未久一区二区三区| 懂色av一区二区三区四区五区| 在线免费观看av网| 日本三级福利片| 青青视频免费在线观看| 18禁裸男晨勃露j毛免费观看| 青春草国产视频| 欧美 日韩 亚洲 一区| 成人在线免费观看av| 毛片一区二区三区四区| 9久久婷婷国产综合精品性色| 亚洲天堂av线| 老司机久久精品| 中文字幕第66页| 国产一级不卡视频| 免费看日本毛片| 毛葺葺老太做受视频| 欧美在线aaa| 精品一区二区成人免费视频| 国产精品视频一二三四区| 人人妻人人添人人爽欧美一区| 男人靠女人免费视频网站| 国产精品50p| 天天综合网久久| 热久久最新网址| 欧美亚洲一二三区| 欧美精品成人网| 日本一区二区免费高清视频| 老子影院午夜伦不卡大全| 欧美视频第一区| 国产成人在线综合| 欧美精品在欧美一区二区| 国产在线青青草| 波多野结衣国产精品| 香港三级日本三级a视频| 国产l精品国产亚洲区久久| 亚洲涩涩在线观看| 欧美黑人在线观看| 国产裸体免费无遮挡| a级网站在线观看| 免费观看精品视频| 超碰免费在线公开| 黄色片视频在线免费观看| 在线免费看v片|