＜Research＞Citi Adds GEELY AUTO (00175.HK) TP to $13.98, Citing All-round Mkt Share Increase

　　In a recent report, Citi Research added its target price on GEELY AUTO (00175.HK) -0.290 (-3.333%) Short selling $39.94M; Ratio 19.643% from $12.99 to $13.98 after the company announced a strong 1Q earnings performance and company management's latest business guidance. The broker also maintained its Buy rating.

　　The broker attributed the target price rise to GEELY raising its sales target for FY24 on the back of more aggressive export sales with higher margins and the outlook for sales of internal combustion engine vehicles (ICEV), cost reduction and savings synergies starting in 2Q24, and year-to-date growth in the company's all-round market share.

　　Related NewsBOCOMI Finds GEELY AUTO (00175.HK) 1Q Results in Line, Expects Electrification to Accelerate in 2H

　　In addition, Citi revised some of its forecasts on GEELY for FY24 to FY26, including a 5-8% increase in its sales forecast, a 0.5-0.6 ppts cut in its gross margin forecast, and a 4-9% increase in its net profit forecast.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-05 12:25.)

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