[ET Net News Agency, 8 November 2023] UBS raised its target price for Zhongsheng Hldg
(00881) to HKD35 from HKD28.5 and upgraded its rating to "buy" from "sell".
The research house said it cuts 2023E/24E earnings forecasts by 13.8%/4.1% after
lowering sales volume assumption by 7.7%/6.9%, mainly due to the weaker-than-expected
sales of mass market brands.
It lowers 2023E new-car margin estimate by 0.5ppt due to a larger-than-expected retail
discount. (RC)