[ET Net News Agency, 4 March 2021] Daiwa Research lifted its target price for CIMC
Enric (03899) to HK$7.2 from HK$6.2 and reaffirmed its "buy" rating.
CIMC Enric announced the formation of 2 hydrogen JVs with Hexagon Purus, of which Enric
will own 49% of the Cylinder JV and 51% of the System JV. Enric targets to have 100k
hydrogen cylinder capacity within 5 years for "Stage 1" of its plan with Type III and Type
IV hydrogen cylinder output possible before end-2021.
The research house's calculation suggests a CNY160m net profit contribution from Stage 1
upon full operation as well as a potential net profit contribution of CNY15m in 2021 and
CNY36m in 2022 under a base-case assumption of 25% market share for Enric-Hexagon JVs.
(KL)
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03899 CIMC ENRIC
Nominal 
7.560 -0.200 (-2.577%) Research Report
04/03/2021 15:35
{I-bank focus}Daiwa lifts CIMC Enric (03899) to HK$7.2
| Remark: | Real time quote last updated: 24/04/2024 10:14 |
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