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02858 YIXIN
RTNominal unchange1.780 0.000 (0.000%)

19/08/2019 17:21

{I-bank focus}Credit Suisse cuts Yixin (02858) to HK$1.6

[ET Net News Agency, 19 August 2019] Credit Suisse cut its target price for Yixin Group
(02858) to HK$1.6 from HK$1.9 and maintained its "neutral" rating.
The research house said Yixin's number of financed automobile transactions increased 31%
to 285k in 1H. Transaction volume came in better than expected, mainly on strong new car
growth. Credit Suisse sees it continued to take market share since more small auto finance
players had issues with funding sources.
As a number of Yixin's debt collection partners ceased operation in 1H to prepare for
more stringent regulations. Credit Suisse expects credit losses of finance receivables
to be over Rmb500mn for both 2019 and 2020.
Credit Suisse upped its 2019 adjusted net income by 5% to reflect better-than-expected
performance in 1H. It cut its 2020 adjusted net income forecast by 21%, assuming higher
credit losses of finance receivables. (KL)

Remark: Real time quote last updated: 13/12/2019 17:59
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