Cathay Haitong keeps target for Xinyi Glass stock at HKD 17.73

Published on 10/07/2026 at 05:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Profit rose 16.90 percent to RMB 1.18 billion in first half of 2026. Xinyi Glass stock dividend rose 20.00 percent year over year.

Xinyi Glass, KYG9828G1082, Illustration mit AI erstellt.

Xinyi Glass (ISIN KYG9828G1082) carries a HKD 17.73 target after Cathay Haitong maintained its Add rating on September 22, 2026. The target gives the Hong Kong-listed glass maker a clear valuation reference while its automobile glass separation moves toward an independent listing.

Profit improves despite lower revenue

Futubull reported on September 30, 2026 that Xinyi Glass generated RMB 9.52 billion of revenue in the first half of 2026, down 3.10 percent from the same period of 2025. Profit attributable to equity holders rose 16.90 percent to RMB 1.18 billion, while basic earnings per share increased to RMB 0.2676 from RMB 0.2325.

The mix of figures matters. Revenue weakened as lower float-glass selling prices and softer Chinese property activity weighed on demand, but the profit increase reflected cost control and the absence of one-off losses recorded in the first half of 2025.

Dividend rises as margins narrow

The interim dividend reached HKD 0.15 per share, up 20.00 percent from HKD 0.125 in the first half of 2025. At the same time, gross profit fell 7.70 percent to RMB 2.86 billion and gross margin declined from 31.60 percent to 30.10 percent, showing that higher profit did not come from stronger pricing.

Operating cash flow was RMB 923.0 million in the first half of 2026, down from RMB 1.56 billion a year earlier. Management plans further production capacity in Malaysia and Indonesia, while the report identifies weaker property demand and higher Malaysian energy costs as counterweights to the automobile glass opportunity.

HKEX valuation remains below target

Xinyi Glass traded at HKD 8.05 on HKEX on October 7, 2026 at 11:05 a.m. HKT. Its market capitalization was HKD 35.7 billion, and the 52-week range stood at HKD 7.78 to HKD 12.35, placing the market price below the HKD 17.73 target cited by Cathay Haitong.

The valuation case therefore rests on execution rather than revenue growth alone. The planned automobile glass separation, overseas capacity and a 16.90 percent first-half profit increase offer support, while the 3.10 percent revenue decline and 30.10 percent gross margin point to the cycle risks still facing the group.

Prior close and trading reference

The prior close at Lang & Schwarz was EUR 0.89 for October 5, 2026. Xinyi Glass Holdings Limited is a producer of float glass, automobile glass and architectural glass, with its primary listing on HKEX.

The further course of trading is shown by the continuously updated real-time quote of Xinyi Glass stock.