0657 GMT - Yadea Group stands to benefit from tailwinds including lithium-ion battery replacement demand, Daiwa Capital Markets' Kelvin Lau says in a research report. This replacement trend for electric two wheelers will probably spur additional demand for around 8 million two wheelers in China in 2025, equivalent to 14% of the electric two-wheeler manufacturer's total annual sales, Lau estimates. Also, China's trade-in subsidy scheme for electric vehicles introduced in 3Q 2024 will likely be extended and the effects are expected to be visible in 1H 2025. The brokerage raises the stock's rating to buy from hold and the target price to HK$16.00 from HK$10.00. Shares are 0.6% higher at HK$13.68. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
December 16, 2024 01:57 ET (06:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments