Nominal 
[ET Net News Agency, 10 October 2017] CICC Research raised its target price for Geely Automobile Holdings (00175) by 34% to HK$33.5, and maintained its "buy" rating.
Geely announced it sold 108,872 vehicles (+42% YoY & 13% MoM) in September, taking its total sales volume for January-September to 827,108 (+80% YoY) or 75% of its 2017 target.
The research house said Geely's September sales volume hits new high, Boyue +19% MoM to 26,317 after ramp up. CICC expects Boyue's monthly sales to reach 30,000 in 4Q.
It noted that the expansion of Geely's network is not just spurring its new models; old models New Emgrand and Vision were rejuvenated in 3Q with much higher growth rates.
CICC believes Geely will realize 10% growth, as Boyue ramps up and its main models stay healthy on the back of 4Q 2016's high base. CICCe expects Lynk & Co to trigger both the valuation and earnings elasticity of Geely from 4Q.
It revised up its 2017/18 sales volume forecasts and lifted its earnings forecasts by (+3%/+1.6%) to Rmb9.8bn/13.7bn. (KL)
Geely announced it sold 108,872 vehicles (+42% YoY & 13% MoM) in September, taking its total sales volume for January-September to 827,108 (+80% YoY) or 75% of its 2017 target.
The research house said Geely's September sales volume hits new high, Boyue +19% MoM to 26,317 after ramp up. CICC expects Boyue's monthly sales to reach 30,000 in 4Q.
It noted that the expansion of Geely's network is not just spurring its new models; old models New Emgrand and Vision were rejuvenated in 3Q with much higher growth rates.
CICC believes Geely will realize 10% growth, as Boyue ramps up and its main models stay healthy on the back of 4Q 2016's high base. CICCe expects Lynk & Co to trigger both the valuation and earnings elasticity of Geely from 4Q.
It revised up its 2017/18 sales volume forecasts and lifted its earnings forecasts by (+3%/+1.6%) to Rmb9.8bn/13.7bn. (KL)