[ET Net News Agency, 1 April 2019] Nomura trimmed its target price for Guangzhou Auto
(GAC)(02238) to HK$11.5 from HK$12.2 and maintained its "buy" rating.
The research house said GAC's FY2018 net profit was 4% below Nomura's estimates owing to
1ppt weaker-than-expected gross profit margins (GPM) for its domestic brand Trumpchi,
while profits from its Japanese JVs were broadly in line.
Nomura lowered its 2019/20 EPS estimates by 6% each to reflect its weaker assumptions
for Trumpchi (2% lower ASP and 1ppt lower GPM), while maintained its profit contribution
estimates for its Japanese JVs which should continue to benefit from a healthy new model
cycle. (KL)
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02238 GAC GROUP
Nominal 
2.520 +0.110 (+4.564%) Others
01/04/2019 14:18
[I-bank focus]Nomura trims GAC Group (02238) to HK$11.5
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