[ET Net News Agency, 27 April 2020] Nomura lowered its target price for Great Wall
Motor (GWM)(02333) to HK$3.23 from HK$3.4 and maintained its "reduce" rating.
The research house said GWM's swing to a net loss of CNY650m in 1Q was worse than
Nomura's expectation of a small loss. In addition to the anticipated impact from COVID-19
outbreak on sales volumes (-47%) and GPM, there is one additional major factor - a CNY500m
Russian Ruble (RUB) forex loss.
Nomura cut its 2020 EPS estimate by 14% to reflect the RUB loss but kept its 2021
estimate largely unchanged.
Looking beyond the current negative impact of COVID-19 on the company's profitability in
1H, Nomura sees its long-term structural challenges remaining. (KL)
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02333 GWMOTOR
Nominal 
11.820 +0.600 (+5.348%) Research Report
27/04/2020 14:32
{I-bank focus}Nomura cuts Great Wall Motor to HK$3.23
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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