UBS Expects GAC GROUP Profitability to Remain Under Pressure, Rates Neutral
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UBS reports that GAC GROUPis facing profitability challenges, with a net loss of RMB656 million in Q1 2026, despite a 10% YoY narrowing. Adjusted net loss, excluding one-off items, widened to RMB1.4 billion, up 89% YoY. The report highlights declining average selling prices and gross margins, alongside increased losses, as key issues. UBS rates the stock Neutral with a target price of HKD3.6, citing intense domestic competition and sluggish growth as factors impacting profitability.
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