[I-bank focus]Daiwa raises Geely Auto (00175) to HK$36

   Daiwa Research raised its target price for Geely Automobile (00175) to HK$36 from HK$33, and retained its "buy" rating.
  The research house said share price is off by 11% this year and has underperformed the market by 16.5%. Daiwa sees a buying opportunity, and noted that the stock similarly underperformed in 1H 2017.
  Daiwa sees 1H 2018 underperformance as similar to what happened in 1H 2017. It believes Geely will be rerated if it delivers consistently strong monthly sales and decent 1H 2018 results.
  Daiwa revised down its 2018-20 EPS forecasts by 6-11% due to slower-than-expected launch of new models, which is reflected in downward revision to 2018 volumes (from 1.82m to 1.73m).