GB Corp
GBCO
GBCO
HSBC raised its target price estimate for Egypt’s car assembler Ghabbour Auto (GB Auto) to EGP 41, assigning an Overweight rating.
The company’s earnings are expected to rise to EGP 182 million in 2014, EGP 183 million in 2015 and EGP 235 million in 2016, according to the report.
HSBC also said the continue depreciation in Egypt’s currency against the U.S. dollar may cause a reduction in target price.
GB Auto had posted 73.9% growth in consolidated net profit for the first nine months of FY14 to EGP 207.1 million, compared with EGP 119 million in the same period a year earlier.
Photo Credit: Arabianeye-Reuters
The company’s earnings are expected to rise to EGP 182 million in 2014, EGP 183 million in 2015 and EGP 235 million in 2016, according to the report.
HSBC also said the continue depreciation in Egypt’s currency against the U.S. dollar may cause a reduction in target price.
GB Auto had posted 73.9% growth in consolidated net profit for the first nine months of FY14 to EGP 207.1 million, compared with EGP 119 million in the same period a year earlier.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
