Geely Likely to See Further Profit Growth This Year -- Market Talk

Dow Jones03-25

0912 GMT - Geely Automobile may post higher net profit this year, after core net profit jumped 74% in 2023, UOB Kay Hian analysts write in a research note. Due to improving economies of scale, the carmaker's optimized sales mix of EVs and cost-cutting measures, margins will likely improve, combined with higher sales volume expected for the next two years, they say. Geely could hit 2.15 million EV unit sales in 2025 on a strong product pipeline and higher exports, they add. UOB KH upgrades the stock to buy from sell and raises its target price to HK$11.00 from HK$6.00. Shares closed 3.5% lower at HK$8.88. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

March 25, 2024 05:12 ET (09:12 GMT)

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UOB KH upgrades the stock to buy from sell and raises its target price to HK$11.00 from HK$6.00. Shares closed 3.5% lower at HK$8.88. 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