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00489 DONGFENG GROUP
RTNominal up2.990 +0.030 (+1.014%)
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04/12/2018 09:57

[I-bank focus]HSBC lowers Dongfeng Motor (00489) to HK$9.3

[ET Net News Agency, 4 December 2018] HSBC Global Research lowered its target price for
Dongfeng Motor Group (00489) to HK$9.3 from HK$9.4 and maintained its "buy" rating.
The research house forecast Dongfeng's sales volume to decline at a CAGR of 2.3% over
FY2017-20. This is lower than IHS estimates largely because HSBC is more negative about
the sales of the French marques, PSA, and Renault.
HSBC is also less positive about the domestic PV brand, which the research house sees as
a second-tier brand, likely to suffer too due to industry consolidation. HSBC also
forecast weaker growth for Dongfeng Honda due to production bottlenecks. (KL)

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