Goldman Sachs lifted its target price for Geely Automobile (00175) to HK$27.32 from HK$26.79, and reiterated its "buy" rating.
The research house said Geely's pre-reported (on 11 July) 1H earnings figure is 22%
above Goldman's expectation. It thinks the profit beat was likely due to higher margin driven by: (1) stronger mix with the mid-to-high-end product; (2) better pricing and
inventory discipline; (3) pushed back new product launches into 2H and early 2019.
Goldman lifted its 2018-2020 earnings estimates by 2-3% on the better margin profile.
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