Morgan Stanley: Maintains "Market Perform" rating on Sinotruk Jinan Truck (03808) and continues to expect industry slowdown.
Morgan Stanley continues to forecast a slowdown in the heavy truck industry, maintaining its assumptions regarding China National Heavy Duty Truck Group's growth in the second half of 2026 and beyond.
Morgan Stanley issued a research report stating that to reflect Sinotruk Jinan Truck (03808)'s mid-term performance surpassing expectations, they are updating their forecasts for the company. However, due to continued expectations of industry slowdown, the growth assumptions for the second half of 2026 and beyond remain largely unchanged. The bank's net profit forecasts for the company from 2026 to 2028 are almost unchanged, maintaining a target price of HKD 45, with a rating of "in line with the market."
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