[ET Net News Agency, 26 October 2018] CLSA raised its target price for Guangzhou
Automobile Group (GAC)(02238) to HK$8.03 from HK$6.63, and upgraded its rating to
"outperform" from "sell".
The research house estimated GAC's FY2018/19 earnings to grow 9.9%/9.1% YoY. It valued
the company at 5.5x 2019 PE, given that investors already factored in worse-than-consensus
negativities and the company was outperformed in 3Q sales volume.
CLSA said better-than-expected market feedback for Japanese A-class or mid-end sedans
could lead to volume and margins surpassing our numbers. In addition, a
higher-than-forecast number of new models being launched could drive better-than-expected
sales volume and hence utilisation and margin. (KL)
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02238 GAC GROUP
Nominal 
3.110 -0.050 (-1.582%) Others
26/10/2018 14:56
[I-bank focus]CLSA raises GAC Group (02238) to HK$8.03
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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