[ET Net News Agency, 17 April 2018] Nomura cut its target price for Nexteer Automotive
(01316) to HK$14 from HK$18 on earnings cut, and reiterated its "neutral" rating.
The research house said the absence of US$34mn one-off losses related to asset
impairments and air freight expenses could imply a sequential recovery in gross/ operating
margins from 2H 2017.
However, Nomura's previous 2018 assumptions of 17.8/14.5% were still too optimistic,
considering operating deleverage amid slower top line growth. Separately, an unchanged 1Q
order book at US$24bn and negligible contribution from new China OEM clients (BYD, GAC,
Geely) still justify the lacklustre 2% 2018 top-line growth. (KL)
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01316 NEXTEER
Nominal 
3.850 +0.120 (+3.217%) Others
17/04/2018 13:46
[I-bank focus]Nomura cuts Nexteer (01316) to HK$14
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