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Research Report

08/11/2019 10:38

{I-bank focus}Daiwa downgrades Nexteer (01316) to "hold

[ET Net News Agency, 8 November 2019] Daiwa Research maintained its target price for
Nexteer Automotive Group (01316) unchanged at HK$7.4 but downgraded its rating to "hold"
from "outperform" as it expects Nexteer's US and China operations to remain under pressure
in 4Q 2019-2020.
The research house revised its financial forecasts for Nexteer to factor in the recent
GM strike and soft NEV sales in China in 3Q. Daiwa views Nexteer's share price as fairly
valued following its 18% rally in the past two weeks.
Daiwa said the GM strike lasted for 6 weeks and ended on 25 October; it forecast a 5%
impact on Nexteer's bottom line in 2019, as GM contributed 43% of Nexteer's revenue in 1H.
Daiwa cut its 2019-21 EPS forecasts by 2-8%, mainly to reflect its lower assumptions for
Nexteer's EBITDA margin for the US and revenues from both the US and China. (KL)

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