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Investing.com - UBS downgraded Weichai Power (HK:2338) (OTC:WEICY) from Buy to Neutral on Sunday, while slightly raising its price target to HK$18.50 from HK$18.20.
The downgrade follows Weichai Power’s significant 50% year-to-date share price rally, which has outperformed the Hang Seng Index’s approximately 30% gain during the same period.
UBS believes the current valuation of 10x 2026 estimated price-to-earnings ratio appears fair considering Weichai’s projected 9% earnings compound annual growth rate from 2024 to 2027.
The firm noted that Weichai’s current share price already reflects positive factors including strong data center engine demand and improved investor sentiment from trade-in subsidies.
UBS reduced its 2025-2027 earnings estimates for Weichai by 2-5% to account for what it describes as "lacklustre traditional engine business amid e-truck risk," positioning its forecasts 1-8% below consensus expectations.
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