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UOBKH: Guangzhou Automobile Group (2238 HK) – Buy Target Price HK$10.00

Posted on August 31, 2022August 31, 2022 By alanyeo No Comments on UOBKH: Guangzhou Automobile Group (2238 HK) – Buy Target Price HK$10.00
2Q22: Earnings Up 39% yoy, In Line With Estimates

GAC’s 2Q22 net profit came in above estimates at Rmb2,742m, up 39% yoy and down 9% qoq. Looking ahead, we expect GAC’s earnings to be driven by the recovery of chip supplies and narrowing loss of its proprietary brands Trumpchi and Aion. We raise our 2022 net profit forecast by 15% and keep those for 2023-24 unchanged. Maintain BUY. Target price: HK$10.00.

Guangzhou_Automobile_GroupClick here to Download Full Report in PDF

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Research - Equities Tags:Guangzhou Automobile Group

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