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02338 WEICHAI POWER
RTNominal down16.700 -0.160 (-0.949%)
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12/07/2018 17:50

[I-bank focus]UBS starts Weichai Power (02338) at HK$7.6

[ET Net News Agency, 12 July 2018] UBS Global Research initiated coverage of Weichai
Power (02338) with a "sell" rating and a HK$7.6 price target.
The research house believes China's domestic truck demand has peaked, but the market has
not priced in a volume decline from 2H. Truck dealers UBS recently visited suggested a
slowdown in truck new orders, with June's order intake down 20-40% MoM and 20% YoY in
general.
UBS also expects full-cycle truck demand to face pressure from stricter environmental
policies in China in the long term. The stock is still trading at a premium to its
full-cycle average level. UBS believes the current share price has not fully factored in
potential volume and margin pressure when the industry goes into a downcycle. (KL)

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