[ET Net News Agency, 22 February 2021] Daiwa Research cut its target price for BAIC
Motor (01958) to HK$3 from HK$3.1 and maintained its "hold" rating.
The research house is positive on Beijing Benz's sales outlook, but Daiwa remains
cautious on Beijing Hyundai and its own-brand Beijing Motor.
For 2021, Daiwa expects Beijing Hyundai to continue making losses with a -5% net margin.
Furthermore, the research house expects its own-brand Beijing Motor's severe losses to
continue in 2021 (versus a net loss of CNY5bn for 9-month 2020) with the softness in car
sales.
Daiwa adjusted down its 2020-22 earnings for BAIC Motor by 1-3% after factoring in
Beijing Benz's results and sales numbers. (KL)
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01958 BAIC MOTOR
Nominal 
2.140 -0.010 (-0.465%) Others
22/02/2021 10:06
{I-bank focus}Daiwa cuts BAIC Motor (01958) to HK$3
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