Morgan Stanley: GAC GROUP (02238) Still Undervalued, Rates "Overweight" with HK$3.9 Target Price

Stock News12-01

Morgan Stanley has released a research report stating that GAC GROUP (02238) surged 24% over the past week. The bank attributes the rally to three recent positive developments: management's announcement of mass-producing solid-state battery-equipped models by 2026, significantly increased disclosures about its Qijing brand collaboration with Huawei, and a newly announced marketing partnership with JD.com (09618).

Morgan Stanley maintains an "Overweight" rating on GAC's H-shares with a target price of HK$3.9. While these initiatives may take time to scale and their near-term profit impact remains limited, the bank believes the current valuation still underestimates GAC's potential, considering its latest business progress and stable 5.7% market share this year.

The report notes that although GAC's Aion brand remains loss-making, its joint venture GAC Toyota's transition strategy toward new energy vehicles by 2025 has shown early success, with potential spillover effects to other joint ventures. Any future announcements of new operational plans or catalysts like significant southbound capital inflows could trigger substantial stock price movements, supported by continued fundamental improvements.

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