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01114 BRILLIANCE CHI
RTNominal down7.140 -0.210 (-2.857%)
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07/11/2019 17:24

{I-bank focus}JPM lifts Brilliance China (01114) to HK$10.5

[ET Net News Agency, 7 November 2019] J.P. Morgan lifted its target price for
Brilliance China Automotive (01114) to HK$10.5 from HK$9.5 and maintained its "neutral"
rating.
The research house said BMW's 3Q results suggest earnings at its Chinese JV,
Brilliance-BMW Automotive (BBA), beat JPM's previous estimate by 15% and delivered strong
earnings growth (132% YoY), driven by favorable sales mix, muted rebate to dealers,
relatively stable CNY versus EUR, robust volume growth, and hence operating leverage.
JPM said these were able to offset 3-series transition-related expenses since 2Q. With
the year-to-date run rate, the research house revised up its FY2019-21 earnings by 7%-9%.
(KL)

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