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RTNominal down16.840 -0.280 (-1.636%)

03/07/2020 16:59

{I-bank focus}Citi lifts Geely Automobile (00175) to HK$30

[ET Net News Agency, 3 July 2020] Citi Research lifted its target price for Geely
Automobile (00175) to HK$30 from HK$20 and maintained its "buy" rating.
The research house expects a significant re-rating to start for Geely. It noted the
manufacturing of Level 4 autonomous vehicles for Waymo/Google under Geely's PMA platform
and a stronger China sales outlook.
Citi lifted LK 21 net profit to Rmb3.3bn with 55% 2021-23 CAGR. It said the Geely-Volvo
merger further cuts Geely's 2021-23 COGS and annual R&D costs by Rmb2.4-4.2bn annually.
It expects double-digit retail sales growth in China PV (passenger vehicle) market in
3Q/4Q from negative in 1H. Citi said an Rmb2.5bn net profit in 1H was in-line with
consensus. Citi also noted that Geely's Chairman Li maintaining the same stake in Geely
listco before/after the proposed A-share placement and Geely-Volvo deal. (KL)

Remark: Real time quote last updated: 07/08/2020 17:58
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