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03808 SINOTRUK
RTNominal down19.160 -0.520 (-2.642%)
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23/07/2019 17:38

[I-bank focus]HSBC lowers Sinotruk (03808) to HK$15; "hold"

[ET Net News Agency, 23 July 2019] HSBC Global Research lowered its target price for
Sinotruk (Hong Kong)(03808) to HK$15 from HK$16.6 and maintained its "hold" rating.
The research house lowered its Sinotruk sales estimates by 6%/7%/7% over 2019/20/21 on
lower LDT (light-duty truck) sales volume expectations. At the same time, HSBC believes
results from better costs control will be reflected in 2019.
HSBC expects the company's LDT sales volume to decrease 25% to about 101k units which
leads to a cut of RMB5bn in sales contribution in 2019. The company realised a sales
volume of 51,165 units in 1H 2019 versus 57,178 units in 1H 2018. (KL)

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