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MacQ lifts Brilliance China (01114) to HK$26.2

  Macquarie Research lifted its target price for
Brilliance China Automotive (01114) to HK$26.2 from HK$25.90, and reiterated its 
"outperform" rating.
  The research house said the positive surprise from Brilliance China's 2017 results was 
higher-than-expected revenue for BMW-Brilliance (BBA), up 16.9% YoY despite the slower 
sales of the 5 Series ahead of the model change. Margins for BBA also showed a good
uplift, with the segment margin rising to 12.6% from 11.2% in 2016, and the net profit 
margin up 100bps to 9.4%. The full-year contribution of the new 5 Series and the addition
of the new X3 to the line-up in a couple of months should underpin another strong year of
growth.
  Macquarie believes the recent weakness in the share price, which appears to be in part 
on misplaced concern that BBA's growth prospects could be hurt by Sino-US trade tensions,
offers an excellent buying opportunity.

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