The Bank of China report Motors raised the target price of 02013.HK to "neutral"
Motors said 02013.HK 's share price rose 22% after it announced its 2021 results, arguing that it lacked a share price catalyst in the near future and that profit margin guidelines were better than expected as part of the driving force
Management reiterated that revenue from subscriptions and merchant solutions is expected to grow by 30% year-on-year in 2022, but the bank believes that achieving this target requires a strong business recovery in 2022, which is unlikely given the current macro headwind. It said that the stock currently has a 30% risk of rising or falling, and that the rating "neutral" is currently the most appropriate rating, with the target price rising from 3.5 yuan to 4.8 yuan.
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