<ET Net News Agency, 6 July 2012> BOCI initiated coverage of Geely Automobile (00175) with a target price of HK$3.52 and a "buy" rating.
The research house said Geely now has nine plants in total with initial annual capacity of 600,000 units per shift and sold 421,611 vehicles in 2011. Its product lineup includes three sub-brands and focuses on the middle and low-end markets.
Its parent company, Geely Holding Group, acquired 100% of Volvo in 2010. With the help of Volvo, BOCI believes Geely Automobile will lift its product positioning in the future.
The house expects a 17.2% net profit CAGR during 2011-14 thanks to its stable sales
growth and steady margin.
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