[ET Net News Agency, 8 November 2017] Daiwa Research raised its target price for
Nexteer Automotive Group (01316) to HK$18 from HK$17, and maintained its "buy" rating.
The research house views Nexteer as a leading global steering provider given that
electric power steering products now make up the biggest portion of its revenue
(accounting for 70% of its current backlog, and 64% of its 1H revenue).
Nexteer aims to be one of the top-3 steering suppliers in China by 2020. As most of its
revenue is generated from the SUV and MPV segments, the fastest-growing auto segments in
China, Daiwa estimated the company's revenue growth will outperform the overall China PV
market for 2018-19.
It also estimated Nexteer's US revenue growth outpaced total US market growth in the
first 9 months of 2017 due to the company's large exposure to the resilient light truck
segment (primarily SUVs and pick-up trucks), which saw 9-month sales-volume growth of 4%
YoY, 7% YoY for 2016 and 13% YoY for 2015. (KL)
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01316 NEXTEER
Nominal 
3.840 +0.110 (+2.949%) Others
08/11/2017 17:19
[I-bank focus]Daiwa ups Nexteer Automotive (01316) to HK$18
| Remark: | Real time quote last updated: 24/04/2024 10:22 |
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