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<Research>Macquarie Hikes XPENG-W TP to $32; Co-op w/ VW Brings Profit Contribution
Recommend 15 Positive 29 Negative 12 |
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Macquarie said in its report that XPENG-W (09868.HK)'s 1Q24 net loss beat market estimates by 18%, on strong profit contribution from its services to Volkswagen of Germany. The broker said sales growth for XPENG remains back-end loaded, and that the company is optimistic about a sales surge in 4Q24 due to the launch of MONA and the new XPENG BEV sedan. Macquarie raised its sales forecast for XPENG to 313,000 units for 2025, but expected revenues to be flat in 2024 and 2025. Its adjusted 2024/ 25 net loss forecast improved 21%/ 22%, given better profitability from services to Volkswagen. With the new management turning around profitability and product strategy, the broker remained on the sidelines on XPENG and was cautious on the Volkswagen BEV market amid intense competition, pending more details on the MONA model. Macquarie maintained a Neutral rating on XPENG and raised its TP from $28 to $32. AAStocks Financial News |
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