Great Wall Motor Likely Supported by Strong Overseas Sales Outlook -- Market Talk

Dow Jones04-11

0559 GMT - Great Wall Motor's strong overseas sales outlook could support its business in 2024, Citi analysts say in a research note, after hosting a meeting with management. Management targets 2024 export sales of 500,000 units, compared with 316,000 units in 2023, with around 50% from Russia, the analysts say. Citi raises Great Wall Motor's 2024-2026 gross profit margin forecasts by 0.4-1.6 percentage points given the strong export sales growth momentum in the first three months and much higher overseas sales GPM compared with domestic sales, they say. As a result, Citi lifts Great Wall's 2024-2026 net profit forecasts by 4%-14%. Citi maintains a buy call on its H shares but raises its target to HK$14.70 from HK$10.90. Shares are last at HK$11.52.(sherry.qin@wsj.com)

(END) Dow Jones Newswires

April 11, 2024 01:59 ET (05:59 GMT)

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