[ET Net News Agency, 29 March 2021] Daiwa Research lifted its target price for China
Meidong Auto (01268) to HK$41 from HK$34 and maintained its "buy" rating.
The research house said Meidong reported strong 2020 annual results with improvement in
its gross margin and inventory turnover days.
Daiwa expects China's luxury car sales volume to grow by 27% in 2021. Backed by a solid
pipeline of Porsche and BMW models, it expects Meidong's revenue and net profit to grow by
33% and 42%, in 2021. (KL)