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01316 NEXTEER
RTNominal unchange2.570 0.000 (0.000%)
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31/03/2020 17:23

{I-bank focus}CLSA cuts Nexteer Automotive (01316) to HK$4.8

[ET Net News Agency, 31 March 2020] CLSA cut its target price for Nexteer Automotive
Group (01316) to HK$4.8 from HK$5.1 and maintained its "buy" rating, given distressed
valuation.
The research house said Nexteer's 2019 core profit (down 34.1%) was an 8.4% miss on
lower GPM and higher Opex. Factors that dragged sales last year like GM's strike and
customer program change faded out, but Covid-19 would be a drag this year at least in
1H.
CLSA said China is gradually recovering with the potential stimulus, but the key
uncertainty now is the overseas impact. Meanwhile, Nexteer's order backlog continued to
grow, and dedication to R&D will help long-term growth from ADAS/AD and EV opportunities.
(KL)

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