Morgan Stanley: Maintains Fuyao Glass (03606.HK) "In-Line" rating, target price HK$53.5, expects third-quarter profit to rebound year-on-year.

Zhitong Finance APP has learned that Morgan Stanley issued a research report maintaining an "Equal-weight" rating on Fuyao Glass (03606.HK) H-shares and a target price of HK$53.5. The bank expects the company's third-quarter performance to broadly continue the second-quarter trend, with average selling price growth offsetting sales volume decline. Third-quarter revenue is expected to record single-digit growth year-on-year and quarter-on-quarter, and profit growth is expected to turn positive year-on-year, mainly benefiting from a narrowing of exchange losses.