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<Research>M Stanley Cuts TPs for CN Auto Dealers; ZHONGSHENG HLDG TP Dropped to $18
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Commission income for Chinese auto dealers declined, but profits are still on a recovery track, Morgan Stanley published a research report saying. The broker lowered its 2025-2027 earnings forecasts for ZHONGSHENG HLDG (00881.HK), YONGDA AUTO (03669.HK) and MEIDONG AUTO (01268.HK) to reflect lower-than-expected new car profit margins following the rectification of 'high interest, high commission' auto financing products. Therefore, Morgan Stanley's top pick is ZHONGSHENG HLDG due to its solid growth in the after-sales business, which supports profit recovery. The broker dropped its target price from $21 to $18, with rating at Overweight. Morgan Stanley also cut its target prices for YONGDA AUTO/ MEIDONG AUTO from $2.3/ $2.1 to $1.9/ $1.7, with ratings at Equalweight. AASTOCKS Financial News Website: www.aastocks.com |
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