Citi Research increased its target price for Dongfeng Motor (00489) to HK$8.6 from HK$6.2 and maintained its "neutral" rating.
The research house lifted JV earnings up to Rmb15/15.8/16.3bn over 2019-21 to factor in the following changes in its assumptions: (1) Lifting DF Nissan 2019-21 sales volume to 1.34/1.4/1.45mn units; (2) Lifting DF Honda 2019-21 sales volume to 900k/973k/1mn units; (3) Changing DF-PSA 2019-21 net loss forecast to -3.8/-2.5/-1.2bn; (4) Improving local brands sales momentum changes operating profit forecast to Rmb542/588/628mn.
As such, Citi's 2019-21 net profit forecasts were revised up 39%/26%/20% to Rmb13.5/13.6/13.5bn.
etnet榮獲HKEX Awards 2023 「最佳表現證券數據供應商」大獎► 了解詳情
