[ET Net News Agency, 21 November 2017] HSBC Global Research maintained its target price
for Great Wall Motor (GWM)(02333) unchanged at HK$7.3, and upgraded its rating to "hold"
from "reduce".
The research house said management's guidance (250k units) for WEY brand in 2018
translates to 20.8k units per month, which is below previous guidance. During the
company's 1H results call GWM targeted monthly sales of 10k VV7 and 15K VV5 translating to
a monthly target of 25k. Management guidance should also include any new WEY models
launched in 2018 such as NEV P8.
HSBC said it is unclear whether the guidance is a sign that sales are below expectations
or whether management is being conservative. YTD sales reached 813k units as of end of
October, 65% of GWM's full-year target of 1.25m vehicles.
HSBC made no changes to earnings as management's new guidance is in line with its
conservative view where HSBC forecast WEY contributing 20% of FY2018 earnings. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
02333 GWMOTOR
Nominal 
11.740 -0.080 (-0.677%) Others
21/11/2017 17:38
[I-bank focus]HSBC lifts Great Wall Motor (02333) to "hold"
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