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Citigroup reiterates buying Dongfeng Group

Source: Internet
Author: User
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Citigroup issued a report to maintain the Dongfeng Group (00489.HK) "Buy" rating, the target price raised from HK $6.35 to HK $7.5. Citigroup noted that the forecast for passenger car unit sales was up, the gross profit forecast was increased and the capacity utilization rate increased, and the Dongfeng group's earnings forecast for fiscal year 2009-2011 was raised by 11%, 19% and 23% respectively. It said Dongfeng's passenger car sales rose 17% from a year earlier in 4 months, more than 10% of China's overall car sales, 2009 years ago.

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