[ET Net News Agency, 19 April 2018] UBS Global Research trimmed its target price for
Yixin Group (02858) to HK$6.28 from HK$8.7, and reiterated its "buy" rating on its
positive long-term outlook given its leadership in auto financing and the favourable
industry growth.
Despite strong 2017 financial results and higher transaction volume (mainly due to its
self-operated financing business), the research house said Yixin's joint loan business
appears to be progressing at a slower pace, which could result in lower revenue and profit
contributions from the platform business in 2018.
Moreover, the implementation of new accounting rules and worsening asset quality due to
fast expansion could lead to higher provision expenses in 2018/19. UBS cut its 2019/2020
revenue estimates by 5%/10% on the slower ramp-up in loan facilitation. It lowered its net
profit forecast to Rmb602m in 2018 (previously Rmb1.17bn). (KL)
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02858 YIXIN
Nominal 
0.710 +0.010 (+1.429%) Others
19/04/2018 15:23
[I-bank focus]UBS trims Yixin Group (02858) to HK$6.28
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