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<Research>Macquarie Initiates Outperform Rating on CATL's H-Shrs w/ TP HKD360
CATL (03750.HK) ended its debut at HKD306.2 yesterday (20th), up 16.4% from its listing price of HKD263. It continued to stretch its upswing this morning (21st). It last traded at ...
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<Research>Macquarie Initiates Outperform Rating on CATL's H-Shrs w/ TP HKD360
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CATL (03750.HK)  -7.200 (-2.183%)    Short selling $969.02M; Ratio 28.828%   ended its debut at HKD306.2 yesterday (20th), up 16.4% from its listing price of HKD263. It continued to stretch its upswing this morning (21st). It last traded at HKD322.4, up 5.3%, on a turnover of HKD1.966 billion.

Macquarie has published a report initiating an Outperform rating on CATL's H-shares with a target price of HKD360, equivalent to a forecasted FY26 P/E ratio of 18 times, marking a 4% premium over the broker's updated target price of RMB320 for its A-shares.

Related NewsCiti Initiates Buy on CATL (03750.HK) with TP HKD425
In Macquarie's opinion, CATL's plans to invest 90% of the funds raised from the H-share listing in the expansion of the Hungarian plant will be favorable for global expansion strategies. Despite a 3.4% equity dilution from the new share issuance, the currently low liquidity of H-shares is expected to maintain the H-/ A-share premium in the short term, though it is anticipated to normalize in the long term.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-22 16:25.)

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