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<Research Report>HSBC Global Research Cuts GEELY AUTO (00175.HK) TP to $23, Rating Buy
GEELY AUTO (00175.HK) posted worse-than-projected earnings in 1H22. HSBC Global Research lowered the carmaker's 2022-23 net profit forecasts by 48% and 38%, as it had underesti...
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<Research Report>HSBC Global Research Cuts GEELY AUTO (00175.HK) TP to $23, Rating Buy
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2022/08/26 09:54
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GEELY AUTO (00175.HK)  0.000 (0.000%)    Short selling $373.78M; Ratio 26.757%   posted worse-than-projected earnings in 1H22. HSBC Global Research lowered the carmaker's 2022-23 net profit forecasts by 48% and 38%, as it had underestimated the margin stress from 2Q sales slide under lockdowns and auto chip shortage. Overall, the stock was rated Buy, with target price cut from $29 to $23.

GEELY AUTO's stock price has bounced back 4% since end-May, mainly driven by its volume revival momentum backed by ICE policy and EV upcycle. The broker assumed the worst to have been over given the gradual supply-chain bottleneck removal, EV upcycle acceleration, and ICE portfolio upgrade.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2022-12-05 16:25.)

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