Quote | Super Quote
Super Quote   |   Detail Quote   |   Interactive Chart   |   Real-Time Chart   |   Transaction   |   Related News   |   Related Securities   |   Company Information   |   Dividend Records   |   Short Sell
RTNominal up8.200 +0.050 (+0.613%)

19/07/2019 17:40

[I-bank focus]Morgan lowers GSC Group (02238) to HK$10.5

[ET Net News Agency, 19 July 2019] Morgan Stanley lowered its target price for
Guangzhou Automobile Group (GAC)(02238) to HK$10.5 from HK$12 and maintained its
"overweight" rating.
The research house expects GAC's 1H net profit of Rmb5.0-5.3bn, implying 23%-28%
decline, mainly due to weakness in the Trumpchi brand, which saw a 30% sales decline in
Morgan said sales of GAC Trumpchi fell 41% in 1Q, although the decline narrowed to 17%
in 2Q. However, with the large discounts in May and June to destock China V standard
inventory, Morgan expects further pressure on gross margin for Trumpchi.
Morgan cut its earnings forecast by 14.7% for 2019, mainly reflecting margin pressure
during May and June for both Trumpchi and JV brands. It also cut its earnings forecasts by
14%-15% for 2020-21 as it factored in continued losses from GAC FCA, and lower margins for
GAC Toyota and Honda. (KL)

Remark: Real time quote last updated: 14/10/2019 17:59
  Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service
A Member of HKET Holdings
Customer Service Hotline:(852) 2880 7004     Customer Service Email:cs@etnet.com.hk
Copyright 2019 ET Net Limited. http://www.etnet.com.hk ET Net Limited, HKEx Information Services Limited, its Holding Companies and/or any Subsidiaries of such holding companies, and Third Party Information Providers endeavour to ensure the availability, completeness, timeliness, accuracy and reliability of the information provided but do not guarantee its availability, completeness, timeliness, accuracy or reliability and accept no liability (whether in tort or contract or otherwise) any loss or damage arising directly or indirectly from any inaccuracies, interruption, incompleteness, delay, omissions, or any decision made or action taken by you or any third party in reliance upon the information provided. The quotes, charts, commentaries and buy/sell ratings on this website should be used as references only with your own discretion. ET Net Limited is not soliciting any subscriber or site visitor to execute any trade. Any trades executed following the commentaries and buy/sell ratings on this website are taken at your own risk for your own account.