{I-bank focus}Daiwa lifts Weichai Power (02338) to HK$25.6

    Daiwa Research lifted its target price for Weichai Power (02338) to HK$25.6 from HK$21.6 and maintained its "buy" rating.
  Weichai Power hosted a conference call on 27 January. Management highlighted its leading
position in hydrogen fuel cell technology in China. Weichai plans to invest CNY2bn during the 14th FYP (2021-25) to set up a national fuel cell battery R&D center, which is supported by the central government.
  Weichai considers its technology to be the most cutting edge in the China market with a battery energy density of 3kW/L by 2021 and 4kW/L by 2023, compared with most domestic players at less than 2.5kW/L.
  Daiwa lifted its 2021-22 EPS forecasts by 0.2-1.8% to factor in its new assumptions.