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03808 SINOTRUK
RTNominal down21.600 -0.500 (-2.262%)
Research Report

04/09/2019 13:56

{I-bank focus}Morgan raises Sinotruk (03808) to HK$10.5

[ET Net News Agency, 4 September 2019] Morgan Stanley raised its target price for
Sinotruk (Hong Kong)(03808) to HK$10.5 from HK$9 and maintained its "underweight" rating.
The research house said Sinotruk's 1H earnings rose 3%, in line with the market's
expectation. The HDT segment margin improved on strong LNG (liquefied natural gas) HDT
(Heavy Duty Truck) demand. However, Morgan retained its bearish view on China's HDT
industry demand in 2H 2019-2021, which will drag down the company's profitability.
Morgan revised up its earnings estimates to Rmb3.8bn and Rmb3.4bn in 2019-20,
respectively. (KL)

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