Bank of America Securities: Downgrade China's Ideal Car-W (02015.HK) rating to "Neutral" with a target price of 101 Hong Kong dollars.

According to the Smart Finance APP, Bank of America Securities has released a research report stating that it has downgraded the rating of Ideal Automotive-W (02015.HK) from "buy" to "neutral", as the company has forecasted a decrease in sales volume and gross profit margin in the third quarter in its second quarter financial report. The management estimated that the delivery volume in the third quarter will be between 90,000 to 95,000 vehicles, a year-on-year decrease of 38% to 41%, with a gross profit margin of 19%. Bank of America Securities has lowered the target prices of Ideal Automotive's ADR (LI.US) and Hong Kong stocks from $31 and HK$121 to $26 and HK$101 respectively, mainly based on revised expectations for sales and free cash flow.