HSBC sets GB Auto’s target price at EGP 24

HSBC Bank defined the price estimate of automobile manufacturer GB Auto at EGP 24.


The lender also initiated coverage of the EGX-listed car assembler at ‘Underperform’, recommending ‘Underweight’, according to Bloomberg.


The company’s consolidated financial results for Q1-11 reflected an 88.8% plunge Y-o-Y in net profit to EGP 7.69 million from EGP 68.676 million.
Trading snapshot


The stock has drifted 2.7% lower to EGP 31 till today’s mid-session.