[ET Net News Agency, 24 May 2018] Morgan Stanley cut its target price for BAIC Motor
Corporation (01958) to HK$12 from HK$15, and retained its "overweight" rating.
The research house said BAIC is manufacturing its own new energy vehicle (NEV) pipeline.
Sales volume of BAIC NEV models reached 100,000 units in 2017. The company is thus a
successful player in the field with first-mover advantage. BJ Benz (JV under BAIC and
Mercedez-Benz) should also benefit from its China NEV pipeline, again, as with Brilliance,
gaining support from affluent buyers in tier 1 / 2 cities - where license plates for ICE
cars are very hard to get.
Morgan maintained its forecasts for earnings for 2018/19/20 but cut earnings forecasts
beyond 2020 by 15% under the backdrop of a slowdown in the passenger vehicle (PV) segment.
(KL)
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01958 BAIC MOTOR
Nominal 
2.240 +0.040 (+1.818%) Others
24/05/2018 17:52
[I-bank focus]Morgan cuts BAIC Motor (01958) to HK$12
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