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Updated2024/04/19 15:10
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<Research Report>Citi Upgrades SINOTRUK to Buy, Cuts WEICHAI POWER TP to $11.3
SINOTRUK (03808.HK) previously issued a profit warning, expecting its net profit after tax in the first half of 2022 to erode 62-68% YoY to RMB1.159-1.377 billion, below the broker...
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<Research Report>Citi Upgrades SINOTRUK to Buy, Cuts WEICHAI POWER TP to $11.3
Recommend
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11
 
 

SINOTRUK (03808.HK)  +0.250 (+1.136%)    Short selling $3.44M; Ratio 8.957%   previously issued a profit warning, expecting its net profit after tax in the first half of 2022 to erode 62-68% YoY to RMB1.159-1.377 billion, below the broker's estimate and market consensus, mainly due to the economic slowdown and logistic disruptions triggered by COVID-19 resurgence in mainland China, reported Citigroup.

The broker reduced the 2022-24E net profit for the company by 21-27%. The target price for the stock was trimmed from $12.5 to $11.3. Considering the correction in SINOTRUK's share price to have been overdone, Citigroup upgraded the rating for the stock from Neutral to Buy.

On the other hand, WEICHAI POWER (02338.HK)  -0.060 (-0.349%)    Short selling $9.33M; Ratio 11.098%   previously forecast a 60-65% YoY decline in its 1H22 net profit after tax, which will be RMB2.251-2.573 billion, below the broker's estimate and largely in line with the market consensus. Citigroup slashed the 2022-24E net profit for the company by 12-13%. The target price for the stock was cut from $11.6 to $11.3, with its rating kept at Neutral.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-19 16:25.)

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