22/08/2019 17:35

{I-bank focus}Goldman cuts Geely Automobile (00175) to HK$10

[ET Net News Agency, 22 August 2019] Goldman Sachs lowered its target price for Geely
Automobile (00175) to HK$10 from HK$11.65 and maintained its "neutral" rating.
The research house said Geely reported below expectation 1H results. Management executed
strongly against the given opportunity set, but it was a challenging backdrop with -9%
industry retail volume and competitors' intensive product launches.
The reiterated volume guidance implies flat 2H sales volume, reassuring the sequential
improvement of 2H operating condition. New businesses, including Genius AFC, component
sales, and intellectual property licensing are ramping.
Goldman expects the segments to cushion core business' profit weakness in the
foreseeable years. It cut 2019/20 EPS forecasts by 22%/12% on worse sales volume/capacity
utilization. (KL)

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