Citi Research issued a research report raising its 2024-2026 sales forecasts for NIO-SW (09866.HK) (NIO.US) to 252,000/ 413,000/ 500,000 units, from 230,000/ 364,000/ 451,000 units each correspondingly, in response to the downgrading trend in China's auto industry.
In anticipation of Tesla, Inc. (TSLA.US)'s Robotaxi event next week, which may boost market sentiment, as well as the auto industry's sales traditional peak season in 4Q24, Citi Research lifted its 2024 projected PE ratio multiple from 1.4x to 1.6x, and elevated its target prices for NIO-SW's H-shares/ US stock to $68.1/ US$8.9 from $53.7/ US$7, respectively.
Citi Research believed that NIO-SW's ONVO may benefit from the favorable consumption sentiment during the National Day Golden Week this year, and will boost investors' confidence on its new brand Firefly if the order volume improves. The broker kept rating at Buy.
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AAStocks Financial News
Web Site: www.aastocks.com
| SG Top Picks |
| Stock & Type |
Code |
Strike(Call Level) |
Last |
Effective Gearing |
| NIO (C) |
22030 |
80.93 (-) |
0.134 |
2.3 X |
| TSLA (C) |
10344 |
370 (-) |
0.127 |
6.2 X |
| TSLA (C) |
10305 |
280 (-) |
0.510 |
4.0 X |
| TSLA (C) |
10306 |
250 (-) |
0.570 |
4.3 X |
| TSLA (P) |
10434 |
180 (-) |
0.221 |
2.9 X |
| TSLA (P) |
10342 |
160 (-) |
0.100 |
3.8 X |
