[ET Net News Agency, 9 July 2019] Jefferies Research lowered its target price for Geely
Automobile Holdings (00175) to HK$15 from HK$18.8 and maintained its "buy" rating.
Despite the release of a profit warning, the research house believes most of the
negatives have been priced in. Going forward, it expects a normalizing car market, Geely's
consolidation in low-end market, and its improved margins with narrowed discounts & less
unit D&A.
Jefferies revised down its 2019 earnings forecast by 20% to reflect the worse than
expected 1H results and volume guidance. (KL)