[ET Net News Agency, 10 July 2020] J.P. Morgan raised its target price for Brilliance
China Automotive (01114) to HK$12 from HK$9 and maintained its "overweight" rating.
The research house believes Brilliance's relative underperformance to the broader auto
sector either year-to-date or since the 23 March trough will reverse.
JPM believes very strong June sales (up 40%+), expected solid 1H earnings (in August),
sustained sales momentum in 2H (JPM estimated growth of 12%) and the likelihood of a
special dividend (expected to be announced after market close on 13 July) together should
drive the stock performance. (KL)