China (01114) to HK$7.9 from HK$2.85, and maintained its "hold" call.
It now brings Brilliance's target to 0.49x 2011 PEG, which represents the average
2011 PEG of Dongfeng (00489) and Guangzhou Auto (02238).
Citi forecast BMW JV's attributable net profit to grow 71% YoY and 52% YoY in 2011 and
2012. It also estimated that BMW JV to make up 43% of Brilliance's 2010 pretax profit
and rising to 62% in 2012. (KL)