TC

09/01/2017 15:25

[I-bank focus]DB raises Great Wall Motor (02333) to HK$7.4

[ET Net News Agency, 9 January 2017] Deutsche Bank raised its target price for Great
Wall Motor (GWM)(02333) to HK$7.4 from HK$6.9, and maintained its "hold" rating.
GWM announced its December 2016 sales grew 57% to 150,548 units. Going into 2017, GWM
stated that it will target to sell 1.25m units of vehicles, implying a growth rate of
16.3%.
Considering the new sales information provided by the company, The research house raised
its FY2016-18 revenue forecast by 6.5%, 10.6% and 10.6%, on the back of higher sales
volume estimates.
But DB is still cautious on the SUV segment competitions and margin trend for the
company, mainly due to: (1) higher production costs to ensure product quality; and (2)
higher R&D costs to defend against peers' competition. (KL)

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