Xinyi Glass downgraded to Underperform from Hold at Jefferies

Jefferies analyst Johnson Wan downgraded Xinyi Glass (XYIGF) to Underperform from Hold with a price target of HK$6.44, down from HK$9.13. For steel and glass, the firm is “less confident” on supply-side measures given the declining demand backdrop, says the analyst, who is “most negative on glass” as the property completion cycle “remains overdrafted.”