[ET Net News Agency, 18 August 2020] Nomura lifted its target price for Geely
Automobile (00175) to HK$19.55 from HK$13.74 and maintained its "buy" rating.
The research house said Geely's 1H net profit decline of 43% was in line with Nomura's
expectation. Geely has lowered its full-year sales volume target by 6% to 1.32mn.
While the market seems to have reacted negatively to this, Nomura noted that the
previous target was set at the beginning of the year without taking into account of the
COVID-19, so it views the revision as a course adjustment in light of new business
conditions.
Nomura kept its FY2020 net profit largely unchanged and raised that for 2021/22 by 3%
each to reflect 0.5ppt higher GPM given Geely's stronger-than-expected profit margins.
(KL)
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00175 GEELY AUTO
Nominal 
9.200 +0.100 (+1.099%) Research Report
18/08/2020 15:47
{I-bank focus}Nomura lifts Geely Auto (00175) to HK$19.55
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