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<Research>CLSA Elevates CATL (03750.HK) TP to $447, Keeps Rating at Outperform
Recommend 36 Positive 74 Negative 28 |
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CLSA released a research report saying that its earlier report on Chinese automakers shows that the CAGR of EV sales in China will fall to 10% by 2030. The broker believed that CATL (03750.HK) will do well amid slowing growth but competitive EV market and outperform its peers because the Company is positioned as a high-end battery maker, with its products accounting for 72% of the market for high-end electric passenger vehicles in China, which allows the Company's average selling price and margins to outperform those of the mass market. CATL's H-shares have been trading at a 12% premium to A-shares since its listing, and have been trading at a 3% premium to A-shares since May, compared to BYD COMPANY (01211.HK)'s H-shares, according to the report. Therefore, CLSA adjusted its H-share price forecast for CATL from a 5% discount to A-shares to a 10% premium, and thus elevated its target price from $385 to $447, with rating kept at Outperform. AAStocks Financial News Website: www.aastocks.com |
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