Deutsche Bank raised its target price for BAIC Motor (01958) to HK$9.8 from HK$8.6, and maintained its "buy" rating.
The research house said Beijing Hyundai did demonstrate earnings stability and the local brand did cut its losses in BAIC's better-than-expected 3Q results, due to mix improvement.
DB sees continuation of this favorable trend augmenting a further pick-up in Beijing Benz's momentum in 4Q and onward.
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