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<Research>CMS Broadly Lifts TPs for Autos, Recommends GEELY/ BYD/ FUYAO/ LI AUTO
Recommend 19 Positive 24 Negative 6 |
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According to the China Passenger Car Association, the number of passenger cars wholesaled in China reached 2.5 million units in September, rising 2.1% YoY or 16.1% QoQ, signaling the onset of the peak season effect, China Merchants Securities wrote in its research report. As car stocks have entered a phase of adjustment returning to fundamentals after an upsurge before China's National Day, the broker was upbeat about quality stocks with strong product cycles that can extend into next year, a high probability of elevated results, and a high certainty allowing valuation bases to switch to next year in advance. The broker raised its TPs for car stocks across the board (see separate table), with a focus on recommending GEELY AUTO (00175.HK), BYD COMPANY (01211.HK), FUYAO GLASS (03606.HK), and LI AUTO-W (02015.HK). AAStocks Financial News |
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