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Research Report

26/04/2021 13:45

{I-bank focus}Nomura lowers Ganfeng (01772) to HK$140

[ET Net News Agency, 26 April 2021] Nomura lowered its target price for Ganfeng Lithium
(01772) to HK$140 from HK$154 and maintained its "buy" rating.
The research house said it maintains its 2021-22F lithium supply-demand forecasts. In
2021F, it forecast global lithium demand growth (25%) to outpace the supply increase (18%)
mainly due to strong EV production growth. Amid the tight lithium market, it notes that
Ganfeng is the only major lithium hydroxide maker globally to have ramped up a new plant
in 2021F, thereby increasing its global market share from 20% to 39%. This implies that
even though lithium price hikes in 2H21 might not be as strong as in 1H21, volume growth
will still drive Ganfeng's earnings growth. (RC)

Remark: Real time quote last updated: 15/10/2021 17:59
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