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00175 GEELY AUTO
RTNominal up15.260 +0.080 (+0.527%)
Research Report

09/07/2020 17:25

{I-bank focus}Jefferies lifts Geely Auto (00175) to HK$22.6

[ET Net News Agency, 9 July 2020] Jefferies Research lifted its target price for Geely
Automobile Holdings (00175) to HK$22.6 from HK$14.5 and reiterated its "buy" rating.
The research house modeled for Geely to report revenue/earnings of Rmb38.9bn/Rmb3.2bn
for 1H, a decline of 18%/21% with 1Q as the bottom. Jefferies raised its FY2021/22
earnings forecasts by 3.5%/3.5% for +42%/2% on operating leverage.
It said that Geely completed a placement of 600mn shares with price of HK$10.8 for gross
proceeds of HK$6.48bn (US$840mn) on 5 June. Geely also announced a preliminary proposal
for RMB share issuance of no more than 1.7bn shares on Sci-Tech Board. Given the current
listing reform, potential A-STAR listing should be completed before 2020, positive for
business development, market sentiment (strong A-share subscription) and valuation. (KL)

Remark: Real time quote last updated: 28/09/2020 17:59
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