<ET Net News Agency, 5 December 2011> Credit Suisse upgraded Geely Auto (00175) to
"outperform" from "neutral", and tweaked its target price to HK$2.5 from HK$2.4.
The house also cut its FY2011 EPS by 8% on lower unit sales and margins assumptions.
While it expects Geely to miss 2011 sales target, it said this is well priced in, along
with potentially lower government subsidies.
Credit Suisse expects improving capacity utilisation in 2012 with modest 13% volume
sales growth, and its product mix continues to improve with 50% of the sales from mid- and
high-end cars now.
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