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<Research>M Stanley Keeps Overweight on GAC GROUP (02238.HK), Slightly Cuts TP to $3.4
Recommend 7 Positive 5 Negative 4 |
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GAC GROUP (02238.HK) experienced a profit plunge last year, which raised market concerns about the development of its own brands; however, there are signs of improvement in the sales of its joint venture brands, Morgan Stanley noted in its latest research report. The group is anticipated to support the narrowing of losses and recovery of profits in its own brands through integration and cost reduction. Morgan Stanley stated that the market is having low expectations for GAC, thus maintaining an Overweight rating. Given the costs required for this year's transformation, the target price was trimmed from HKD3.5 to HKD3.4. AASTOCKS Financial News Website: www.aastocks.com |
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