Salomon's rosy view of Yue Yuen falls flat
THIS time last year, brokerage Salomon Brothers upgraded its recommendation for Yue Yuen Industrial to a buy.
The report said a meeting with Yue Yuen's management confirmed forecasts the US-China trade dispute would not affect the firm.
Yue Yuen is an investment holding company. Its subsidiaries manufacture and market sports and leisure shoes.
Investors would have been better off putting their money elsewhere. Twelve months ago the stock traded at $1.72. It is now worth $2.025 but has underperformed the Hang Seng Index by 15.81 per cent over the period. The analyst who wrote the report was not available for comment.