GEELY AUTO Slumps Over 4% as Daiwa Downgrades to Hold, TP Cut to HKD23.7
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GEELY AUTOshares fell over 4% after Daiwa downgraded its investment rating from Buy to Hold and cut the target price from HKD24.5 to HKD23.7. The downgrade was attributed to weak sales growth momentum, with the company reporting a 15% YoY revenue increase but a 27% YoY net profit decline due to foreign exchange losses. Daiwa noted that GEELY's ambitious sales target for 2026 appears aggressive amid weak domestic demand, leading to lowered vehicle sales forecasts and a reduction in EPS projections for 2026-27.
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