BNP Paribas raised its target price for Great Wall Motor (GWM)(02333) to HK$53.16 from HK$50.85, and maintained its "hold" rating.
The research house said HEV technology is relatively mature in the EV segment, hence it thinks GWM's chance of producing quality HEVs is high. Uncertainty comes from potential market demand and profitability when capacity comes onstream in 2018.
Once HEVs are acceptable to customers, it should be a new earnings driver for GWM.
By factoring in the A-share placement, DB estimated GWM's profit in 2015 and 2016 will increase 9% and 6% on interest income from the proceeds.
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