CMB: Cuts target price of GAC Group (02238.HK) to 1.1 Hong Kong dollars, rating lowered to "underperform"

According to the Zhixun Financial APP, JPMorgan Chase released a research report stating that Guangzhou Automobile Group (02238.HK) has seen its stock price fall by 46% from the beginning of the year to the present, under the dual pressures of a weak domestic car market, continued price competition, concerns about the recovery of profit margins for joint venture brands, and potential impairment of assets for independent brands. This performance is worse than the 17% decline of the Chinese automobile sector during the same period. JPMorgan Chase has lowered its target price from 3.3 Hong Kong dollars to 1.1 Hong Kong dollars and downgraded its rating from "Neutral" to "Underweight".