Investment bank Credit Suisse released a research report on Tuesday, giving Weichai Power an initial rating of â€œoutperformâ€ with a target price of HK$29.70.
Credit Suisse stated that the worst moment of Weichai Power has passed because the demand for products is fully recovering. The engineering products will lead the initial rebound of sales, and the next stage will be driven by transportation products.
In addition, the China Manufacturing Managers' Index (PMI) for May and June showed a rebound in new export orders, which was reflected in the acceleration of semi-trailer sales related to container transport.
July and August are usually off-season for heavy truck sales, but Weichai Power still has the potential to increase its market share, thanks to its low-cost EGR III engine and heavy trucks.
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