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Citi: Weichai Power rated as "neutral", target price lowered to HK$12.9.
Citigroup released a research report stating that it gives Weichai Power a "neutral" rating. Due to the improved performance in the second quarter, the net income forecast for Weichai Power in 2025-2026 is raised by 3% and 8% respectively. However, due to the decline in the valuation of the two main businesses, the target price is correspondingly lowered from HK$14 to HK$12.9. The report states that the company's second-quarter performance was robust, with a 6% year-on-year growth in revenue and a stable performance quarter-on-quarter. The net income increased by 62% year-on-year, in line with expectations, with all business units recording robust growth, driving sales growth. The increase in economies of scale, average selling price of products, and the decrease in raw material costs in overseas markets contribute to the increase in profitability.
Weichai Power H1 Profit Jumps 51%, Operating Income Up 6%
Hong Kong stocks unusual movement | Weichai Power (02338) rose nearly 3% after the performance announcement, with a year-on-year increase of about 51.4% in net income attributable to the mother. Institutions have raised the company's engine sales forecast
Weichai Power (02338) rose nearly 3% after the performance, as of the time of publication, up 2.62% to HK$12.54, with a turnover of 66.1723 million Hong Kong dollars.
Weichai Power (02338.HK) received a shareholding of 3.3715 million shares from JPMorgan.
According to the latest equity disclosure information from the Hong Kong Stock Exchange, on August 19, 2024, Weichai Power (02338.HK) received an increase in shareholding of 3.3715 million shares at an average price of HKD 12.2417 per share from JPMorgan Chase & Co., with an investment of approximately HKD 41.2731 million. After the increase, the latest holding of JPMorgan Chase & Co. is 117,000,189 shares, and the holding ratio has risen from 5.84% to 6.02%.
Weichai Power: Summary of Half-Year Report in 2024.
Weichai Power: Half-year report for the year 2024.
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