[ET Net News Agency, 11 January 2018] Daiwa Research lifted its target price for
Brilliance China Automotive (01114) to HK$24 from HK$23, and reiterated its "outperform"
rating.
The research house looks for a ramp-up in sales volume for Brilliance BMW's 5 series and
a strong upcoming launch of its X3 model in 2018, the first in the series to be
manufactured in China. It is positive on Brilliance BMW's total sales and improving
margins in 2018-19.
Daiwa expects Brilliance to see 63% YoY and 37% YoY net earnings growth for 2018-19.
The positive outlook is based on its bullish assumptions for Brilliance BMW's new car
sales volumes, with 31% YoY and 24% YoY growth for 2018-19, and improving net margins (for
its Brilliance BMW line) to 11% and 11.2% in 2018-19 on a better product mix and greater
economies of scale. (KL)
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01114 BRILLIANCE CHI
Nominal 
7.550 +0.110 (+1.478%) Others
11/01/2018 11:01
[I-bank focus]Daiwa ups Brilliance China (01114) to HK$24
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