[ET Net News Agency, 30 March 2021] Morgan Stanley cut its target price for Guangzhou
Automobile Group (GAC) (02238) to HK$9 from HK$12 and maintained its "overweight" rating.
The research house said GAC's net profit missed Morgan's estimate by 21.4%. Morgan
believes GAC can still outperform - despite overall sector de-rating with normalizing auto
industry sales growth, amid high expectations - supported by likely resilient Japanese
brand sales and expanding capacity, particularly with a reasonable valuation.
It added that GAC could potentially benefit from an earlier start of its EV development
as well as from its leading market share among traditional OEMs. (KL)
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02238 GAC GROUP
Nominal 
3.110 -0.050 (-1.582%) Research Report
30/03/2021 15:57
{I-bank focus}Morgan Stanley cuts GAC Group (02238) to HK$9
| Remark: | Real time quote last updated: 19/04/2024 17:16 |
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