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<Research>BofAS Cuts BAIC MOTOR (01958.HK) TP to $1.8, Reiterates Rating at Underperform
Recommend 3 Positive 3 Negative 1 |
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According to the 1Q25 results of BAIC MOTOR (01958.HK), BofA Securities issued a research report estimating that the net profit of Beijing Benz Automotive (BBAC), 51% owned by BAIC MOTOR, fell 17% YoY, with sales dropping 9%, during the period, mainly due to widening discounts in the face of fierce competition. Based on a lower 2025 projected PB ratio of 0.22x, BofA Securities cut its target price from $2 to $1.8, and reiterated rating at Underperform, as it predicted BBAC's profit to be offset by loss from the Group's own brand. AAStocks Financial News |
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