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00175 GEELY AUTO
RTNominal up9.390 +0.190 (+2.065%)
Others

01/06/2020 17:29

{I-bank focus}Jefferies cuts Geely Auto (00175) to HK$13.4

[ET Net News Agency, 1 June 2020] Jefferies Research lowered its target price for Geely
Automobile Holdings (00175) to HK$13.4 from HK$14.3 and maintained its "buy" rating.
The research house said Geely's placing of 600m new shares worth HK$6.48bn with a >6%
dilution effect. The purpose is to raise capital for business development and working
capital (unlikely for the Volvo merger).
Jefferies believes a sequential recovery in domestic and EU auto markets can be
expected, given pro-growth measures. It made no change to its FY2020/21 earnings growth
forecasts of -10%/+38%. (KL)

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