[ET Net News Agency, 20 July 2018] UOB Kay Hian lowered its target price for Brilliance
China Automotive Holdings (01114) to HK$15 from HK$21, and maintained its "buy" rating.
The research house cut its 2018-20 EPS forecasts for Brilliance by 7%, 15% and 22% to
Rmb1.37, Rmb1.66 and Rmb1.82 respectively on lower sales of BMW Brilliance (BBA) given
slower growth in China's luxury car market and competition from Mercedes-Benz.
Regarding the recently reported that BMW is looking to increase its stake in BBA from
50% to 75%, UOBKH said BMW would need to inject assets into the JV in exchange for the
additional stake. For example, BMW might introduce X5 to BBA for local production. Hence,
Brilliance's shared profit of BBA may not be less than that before the change in the JV
share structure. (KL)
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01114 BRILLIANCE CHI
Nominal 
2.590 -0.080 (-2.996%) Others
20/07/2018 13:49
[I-bank focus]UOBKH lowers Brilliance China (01114) to HK$15
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