[ET Net News Agency, 7 December 2018] BofA Merrill Lynch lowered its target price for
Geely Automobile (00175) to HK$19 from HK$20 and maintained its "buy" rating.
The research house said Geely reported November sales volume (including Geely brand and
Lynk & Co) of 142k units, up 0.3% YoY and 9.8% MoM. Sales volume in 11-month 2018 was up
29% YoY and reached 89% of FY2018 sales guidance.
While Geely's November sales were flat on a YoY basis, the growth was much better than
industry demand, which BofAML estimated declined mid-to-high-teens in the month, mainly
on the high base of 4Q 2017 (pre-buy effect on the expiration of the vehicle purchase tax
cut).
Based on the current sales run rate and weak industry demand, BofAML thinks Geely will
miss its sales volume target (1.58mn) for 2018. Hence, it lowered its 2018/19/20 sales
volume estimates by 4%/2.9%/3.7% to 1.55/1.84/2.03mn units. (KL)
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00175 GEELY AUTO
Nominal 
9.200 +0.100 (+1.099%) Others
07/12/2018 14:56
[I-bank focus]BofAML trims Geely Automobile (00175) to HK$19
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