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<Research>Citi Lifts DONGFENG GROUP (00489.HK) TP to $6 as Potential Cooperation with XIAOMI, Others Become Catalysts
Recommend 33 Positive 53 Negative 21 |
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Citi Research issued a research report lifting its target price for DONGFENG GROUP (00489.HK) from $3.89 to $6, equivalent to a projected 2025 PB ratio of 0.32x, 1 SD above the average of the past 3 years, with rating at Buy, taking into account the potential partnership with XIAOMI-W (01810.HK) and dividend catalysts. The broker raised its 2024-2026 sales forecasts by 4-5% to 1.88 million/ 1.8 million/ 1.76 million units each, based on the 10M24 sales trend. This adjustment to the Company's valuation is mainly due to 3 factors, naming dividend discount, the valuation of DONGFENG GROUP's premium EV brand, Voyah, and the potential partnership with XIAOMI-W, according to Citi Research. AAStocks Financial News |
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