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<Research>Deutsche Bank Adds GEELY AUTO (00175.HK) TP to $20 as LYNK&CO Brand Restructuring Completed w/ RMB6.47B in Non-cash Gains
Recommend 42 Positive 54 Negative 13 |
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Zhejiang Geely recently announced the completion of its reorganization of its LYNK&CO brand, Deutsche Bank issued a research report saying. Upon completion of the transaction, GEELY AUTO (00175.HK)/ ZEEKR Intelligent Technology Holding (ZK.US) own 49%/ 51% stake in LYNK&CO respectively. Based on Hong Kong-listed GEELY AUTO's 62.8% equity interest in Zeekr, LYNK&CO became a non-wholly owned subsidiary of Zeekr and a non-wholly owned subsidiary of GEELY AUTO, which is listed in Hong Kong. GEELY AUTO is also expected to record a non-cash gain of RMB6.47 billion this year from the fair value appreciation of its 50% stake in LYNK&CO upon completion of the reorganization. Deutsche Bank its 2024/ 2025 net profit forecasts for Hong Kong-listed GEELY AUTO by 1.7%/ 61.3%, and added its target price to $20 from $19, with rating at Buy. AAStocks Financial News |
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