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<Research>CMSI Urges Early Positioning in CN Auto Sector Amid Pessimism; Top Pick GEELY AUTO w/ TP $32
Recommend 75 Positive 122 Negative 33 |
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The wholesale volume for some Chinese carmakers weakened MoM in November, according to CMSI's research report. The China Passenger Car Association (CPCA) estimated that overall retail sales of passenger cars (excluding exports) in November will be flattish MoM, but decline by 8.7% YoY due to a high base, reflecting the impact of reduced subsidies on the industry in 4Q25. The broker believed that the current market sentiment is sufficiently pessimistic, and suggested finding hope and making forward-looking arrangements amidst the pessimism. In terms of automakers, CMSI's top pick is GEELY AUTO (00175.HK) due to its high result certainty and undervalue, with a target price of $32, followed by BYD COMPANY (01211.HK) and GDS-SW (09698.HK), with target prices of $130 and $115 each. For auto parts stocks, the broker recommended MINTH GROUP (00425.HK) and FUYAO GLASS (03606.HK), with target prices of $42 and $86 respectively. All the above five stocks are rated at Overweight. CMSI preferred UBTECH ROBOTICS (09880.HK), HORIZONROBOT-W (09660.HK) and Hesai Group (HSAI.US), with target prices of $172/ $13.8/ US$28 each, with all rated at Overweight. The broker also liked GEEKPLUS-W (02590.HK). AASTOCKS Financial News Website: www.aastocks.com |
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