Credit Suisse raised its target price for Great Wall Motor (02333) to HK$17.5 from HK$16 and maintained its "outperform" rating.
The research house said Great Wall Motor's November wholesales volume (automaker to dealers) hit a four-year high to 145,240 units - up 26% YoY/7% MoM, largely in line with market expectation.
Credit Suisse highlighted that November's sales growth is higher than the sector-wide passenger vehicle sales forecast for an increase of 9.3% (by CAAM). It revised its 2020-22 net profit forecasts by 0.3-8.0% with a higher volume assumption.
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