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<Research>CMS Trims GWMOTOR (02333.HK) TP to $24, Cuts Earnings Forecast
Recommend 6 Positive 8 Negative 4 |
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CMS report indicated that multiple factors dampened GWMOTOR (02333.HK)'s 3Q25 profit, although the guidance for the WEY brand and exports remained upbeat. The company's 3Q25 results performance fell short of expectations in wake of deferred Russian tax subsidies, FX losses, and higher tax rates from overseas. However, the outlook for the high-end WEY brand is positive for 2026, and export business is expected to post robust growth in 2025 and 2026. The broker lowered its earnings forecast by 2-5% and reduced the target price from HKD26 to HKD24, with a Buy rating. CMS trimmed its net profit forecasts for GWMOTOR for 2025-27 by 2%/ 5%/ 4%, respectively, reflecting higher sales and marketing spending on new model launches and overseas network expansion. AASTOCKS Financial News Website: www.aastocks.com |
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