J.P. Morgan raised its target price for BAIC Motor Corp (01958) to HK$8 from HK$4.7, and upgraded its rating to "Overweight" from "Underweight" .
The research house said BAIC's 1H results beat JPM's cautious estimate by 40% or 15-20%
above consensus. The meaningful beat came mainly from much improved earnings at Hyundai JV and narrowed loss of own-brand business while Benz JV remained very profitable, with earnings up by 54% yoy.
JPM lifted its 2016 and 2017 forecasts by 50%.
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