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02338 WEICHAI POWER
RTNominal down11.620 -0.100 (-0.853%)
Research Report

20/02/2020 13:48

{I-bank focus}JEF starts Weichai Power (02338) at HK$21


[ET Net News Agency, 20 February 2020] Jefferies Research initiated coverage on Weichai
Power (02338) with a "buy" rating and a price target of HK$21.
The research house said Weichai is strengthening its market leader position with its
share of HDT (heavy-duty trucks) engines increasing to 33%. Jefferies expects this
momentum will continue due to NS6 deployment and initiation of supplying engines to
Sinotruk.
Jefferies expects that product mix will shift to high displacement engines due to
stricter control on overcapacity, and gross margin should improve. It forecast Weichai's
revenue growth of 5%/11% and earnings growth of 3%/20% in FY2020/21 based on a positive
HDT outlook, mix shift to high margin products and synergy effects. (KL)

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