Bank of America Securities: Raised target price of Geely Automobile (00175.HK) to 21.6 Hong Kong dollars, reiterating "buy" rating.

According to the Zhichong Finance APP, Bank of America Securities released a research report stating that the first quarter net income of Geely Automobile (00175.HK) is in line with the previously announced profit forecast. After the impact of exchange gains and losses, the group's adjusted profit increased by 123% year-on-year; the net profit per vehicle is expected to be 4,900 RMB, an increase of 50% year-on-year. The bank raised Geely's target price from HK$20.3 to HK$21.6, believing that the group's prospects for electric vehicles and overseas sales growth are better than its peers, and reiterated a "buy" rating to reflect the increase in brand sales and expected market share growth.