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<Research>Daiwa Selects WEICHAI POWER as Top Pick, Envisions Sustained Demand for Heavy Trucks
Recommend 4 Positive 9 Negative 5 |
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Given that the demand for domestic heavy trucks could be continuously supported by the replacement cycle and extended vehicle replacement subsidy policies, and demand from emerging overseas markets remains vigorous, it is expected that demand for liquefied natural gas (LNG) heavy trucks will rise by 2026, Daiwa wrote in its report. The total sales of heavy trucks in China are predicted to grow by 19% YoY to 1.07 million units this year and by 4% YoY to 1.12 million units next year. Viewing WEICHAI POWER (02338.HK) as its industry top pick, Daiwa gave the company a Buy rating and raised its target price from HKD18 to HKD20.5, optimistic about it benefiting from the recovery of LNG trucks next year and the growing demand for high-power engines. Daiwa also rated SINOTRUK (03808.HK) as Outperform and lifted its target price from HKD21.7 to HKD29.4, considering its current valuation level to be high. AAStocks Financial News |
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