DJ Zhongsheng Group's Newly Acquired Stores Could Boost New-Car Sales -- Market Talk
0241 GMT - Zhongsheng Group's recently acquired stores could boost volume growth of new-car sales, Daiwa Capital says, forecasting it at 29% in 2021. Given higher expected sales volumes of luxury cars and mid- to high-end cars, Daiwa increases revenue forecasts for the Chinese car dealer by 5.9% for each of 2021 and 2022, while its net profit forecasts are raised 0.7% for 2021 and 0.5% for 2022. It upgrades Zhongsheng to buy from outperform while keeping the target price at HK$80.00. Shares rise 1.0% to HK$68.80, up 25% so far this year. (clarence.leong@wsj.com)
(END) Dow Jones Newswires
August 09, 2021 22:42 ET (02:42 GMT)
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