[ET Net News Agency, 30 August 2017] Deutsche Bank tweaked its target price for Baoxin
Auto Group (01293) to HK$4.3 from HK$4.2, and maintained its "hold" rating.
The research house said Baoxin achieved a 45.9% YoY increase in 1H new car sales revenue
(including contributions from the acquisition of Wenzhou Kaiyuan). There were also
synergies, according to the company, after the integration with new parent China Grand
(Shanghai: 600297) in mid-2016.
Yet unlike its listed peers, which recorded new car margin improvement, Baoxin's 1H new
car gross profit margin was stable at 3.5%, the research house noted. Going forward,
Deutsche Bank expects Baoxin's earnings growth to stay milder on normalized new car
margins. (KL)
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01293 GRAND BAOXIN
Nominal 
0.153 0.000 (0.000%) Others
30/08/2017 14:12
[I-bank focus]DB tweaks Baoxin Auto (01293) to HK$4.3
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