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00175 GEELY AUTO
RTNominal down8.810 -0.240 (-2.652%)
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23/08/2019 16:46

{I-bank focus}Citi cuts Geely Automobile (00175) to HK$9

[ET Net News Agency, 23 August 2019] Citi Research lowered its target price for Geely
Automobile (00175) to HK$9 from HK$9.3 and maintained its "sell" rating.
The research house cut Geely 2019-21 net profit forecasts
Citi believes Geely's valuation does not deserve any re-rating yet with high dealership
inventory from July and questionable retail sales recovery into August/September.
It added that risk-reward remains unattractive even if pricing in 2020 earnings growth.
Citi believes sector weakness should persist further into 2H with slower than expected
retail recovery. It said Geely's product cycle golden age has ended. Citi expects 15%
2019-21 net profit CAGR. (KL)

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