Bank of America Securities: Raised the target price of GEELY AUTO (00175) to HK$21.6, reiterating a "buy" rating.

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