Goldman Sachs raised its target price for Geely (00175) to HK$5.2 from HK$4.16, and upgraded the stock to "buy" from "neutral".
The research house said Geely enjoys the best ranking in product quality and export; its improving mix of upgraded sedan and SUV leads to higher ASP. The company also has a relatively strong new product cycle, and solid EPS growth from 2012-16 at 22% per year.
Goldman also sees synergy between Geely and Volvo, with asset injection potential regarding parentco's JV with Volvo in China. It thus fine-tuned its 2013 EPS, and raised its 2014/15 EPS by 4%/10%.
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