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02338 WEICHAI POWER
RTNominal up14.920 +0.240 (+1.635%)
Research Report

03/12/2019 17:30

{I-bank focus}CS raises Weichai Power (02338) to HK$13.2

[ET Net News Agency, 3 December 2019] Credit Suisse raised its target price for Weichai
Power (02338) to HK$13.2 from HK$12.3 and maintained its "neutral" rating.
The research house cited Weichai's vice president Feng Gang from the 2020 commerce
conference in Xi'an city guiding that its order inflow to stay strong in 4Q with full
production capacity.
Weichai also announced its 2019 full year large size engine (>9L) sales are expected to
reach 400k units. Moreover, Credit Suisse expects its engine sales to enjoy high growth
(likely >20% YoY) in November-December 2019, mainly driven by increasing demand for
natural gas HDT (heavy-duty truck) in polluted areas in China, which it dominates with 65%
market share.
Credit Suisse lifted its 2019-21 earnings estimates by 7-9% with higher volume
assumption. (KL)

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