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03606 FUYAO GLASS
RTNominal down23.900 -0.200 (-0.830%)
Others

15/11/2019 16:56

{I-bank focus}Goldman starts Fuyao Glass (03606) at HK$23.7

[ET Net News Agency, 15 November 2019] Goldman Sachs initiated coverage on Fuyao Glass
Industry Group (03606) with a "neutral" rating and a target price of HK$23.7.
It said that Fuyao is the world's second-largest automotive glass manufacturer,
commanding a 65% market share in China and a 25% global share in 2018. Compared to major
competitors, such as Asahi Glass and Saint-Gobain, Fuyao uniquely specializes in
automotive glass production and has built a strong brand name due to its high product
quality.
With production bases broadly distributed across China, the US, and Russia, Fuyao has
the most diversified client base among global peers, including virtually every major
automaker domestically and internationally.
Goldman expects the company's revenue/EPS growth to slow in 2019-22 (8%/10% CAGR versus
22%/18% in 1993-2018). (KL)

Remark: Real time quote last updated: 16/12/2019 12:01
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