[ET Net News Agency, 7 January 2020] UBS Global Research raised its target price for
Weichai Power (02338) to HK$20.9 from HK$13.6 and upgraded its rating to "buy" from
"neutral".
The research house said its recent HDT (heavy-duty truck) value chain checks suggest old
truck removals and tighter overload controls could take 2020 HDT sales 5% above the
already-high 2019 volume.
In addition, Weichai's share could rise to 33-35% in 2019-21 from 32% in 2018, driven
by its advantage in LNG (liquefied natural gas) engines and penetration of new client,
Sinotruk (03808).
Thus UBS raised its 2019-21 EPS forecasts based on industry strength and market share
expansion. It thinks the market has not fully priced in industry strength over the next
three to five years. (KL)
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02338 WEICHAI POWER
Nominal 
11.720 +0.366 (+3.224%) Research Report
07/01/2020 14:57
{I-bank focus}UBS upgrades Weichai Power (02338) to HK$20.9
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