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Research Report

04/03/2020 17:22

{I-bank focus}Goldman tweaks Great Wall Motor to HK$3.53

[ET Net News Agency, 4 March 2020] Goldman Sachs tweaked its target price for Great
Wall Motor Company (GWM)(02333) to HK$3.53 from HK$3.51 on valuation roll-over and
maintained its "sell" rating.
The research house lowered its 2020/21 revenues by -7%/-3% and net profits by -29%/-1%.
It said GWM has no capacity exposure to Hubei province. The company's Baoding, Xushui, and
Tianjin factories have restarted production since 18 February. The Chongqing factory has
restarted on 22 February.
Goldman tuned its 2020 and 2021 passenger vehicle volume forecasts to reflect
coronavirus impact between late January and early March. After the industry's -21% retail
contraction in January, it forecast -75% in February, -50% in March, leading to 1Q overall
volume -43%. However, Goldman expects retail to turn positive starting in April, and
achieve >10% growth in 2H. (KL)

Remark: Real time quote last updated: 29/05/2020 17:58
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