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RTNominal down2.020 -0.040 (-1.942%)
Research Report

08/11/2023 14:35

{I-bank focus}UBS upgrades Yongda Auto (03669) to "buy"

[ET Net News Agency, 8 November 2023] UBS upgraded its rating for Yongda Auto (03669)
to "buy" from "neutral" and lowered its target price to HKD5 from HKD5.5.
The research house said it lowers Yongda's 2023E/24E sales volume by 3.6%/3.7% after
Porsche cut its sales targets. It trims new-car margin in 2023E by 0.6ppts (to factor in
BMW's high retail discount on its i3), but raises it by 0.1ppt in 2024E on Porsche's new
strategy, and new BMW and Porsche model launches. (RC)

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