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03606 FUYAO GLASS
RTNominal up41.600 +0.050 (+0.120%)
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04/12/2018 14:21

[I-bank focus]Morgan lowers Fuyao Glass (03606) to HK$25

[ET Net News Agency, 4 December 2018] Morgan Stanley lowered its target price for Fuyao
Glass Industry Group (03606) to HK$25 from HK$28.5 and maintained its "equal-weight"
rating for higher comps after ramping up its US plant.
The research house cut its 2019/20 earnings forecasts for Fuyao by 9% and 7% mainly
reflecting the cuts to revenue due to slower China auto growth and higher opex associated
with overseas plant ramp ups.
Morgan likes Fuyao's overseas expansion plans but the overseas plants may cannibalize
its export sales from China. (KL)

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