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<Research>BofAS Cuts WEICHAI POWER (02338.HK) TP to $16 on Slower Heavy Duty Truck Sector Growth
Recommend 4 Positive 3 Negative 3 |
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In September 2024, the wholesale volume of heavy duty trucks in China dropped by 33% YoY to 58,000 units, BofA Securities released a research report saying. As for 9M24, the sales volume of China's heavy duty trucks was 623,000 units, down 3.4% YoY, tracking below the broker's full-year forecast of 1 million units. In addition, BofA Securities lowered its FY2024-Fy2026 EPS forecasts for WEICHAI POWER (02338.HK) by 4%/ 6%/ 7% each to reflect the lower heavy duty truck sales forecasts and lower margins due to a less favorable product mix. Summarizing the above factors, BofA Securities cut its target price on WEICHAI POWER's H-shares from $16.7 to $16, with rating reiterated at Buy. AAStocks Financial News |
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