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<Research>UOB Kay Hian Cuts GWMOTOR (02333.HK) TP to $15, Keeps Buy Rating
Recommend 7 Positive 8 Negative 7 |
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GWMOTOR (02333.HK) reported a 46% YoY/ 23% QoQ decline in 1Q26 net profit to RMB945 million, missing expectation, representing only 9% of UOB Kay Hian's full-year forecast, UOB Kay Hian published a research report saying. The earnings decline was mainly due to higher-than-expected selling and R&D expenses. However, excluding the RMB1.03 billion foreign exchange gain recorded in the same period last year, 1Q26 net profit would have posted a YoY growth of over 30%. Therefore, UOB Kay Hian kept rating at Buy, but lowered its 2026-2028 net profit forecasts by 15%/ 16%/ 17% each on higher expense ratio. The broker cut its target price from $16 to $15, based on an unchanged projected 2026 PE ratio of 12x. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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