Citi says GUD Holdings beat earnings estimates due better auto sales

Amotiv

08/02/2022 20:19

** Analysts at Citigroup say that GUD Holdings'  GUD.AX 
first half net profit was 6% ahead of its estimates driven by
better auto sales and margins  
    ** The automotive parts maker on Tuesday posted an 8% rise
in its first half net profit attributable to A$35.2 mln ($25.11
mln) and declared an interim dividend of 17 Australian cents per
share 
    ** GUD’s core auto business is performing better than
expected, which has likely been helped by smaller competitors
not having the luxury of GUD’s big balance sheet to invest in
inventory at a time of supply chain disruptions - Citi 
    ** Citi maintains its PT on GUD at A$15.15 and maintains a
'buy' rating on the stock 
    ** Seven of nine analysts rate the stock "buy" or higher and
two rate it "hold", their median PT is 14.80 - Refinitiv Eikon 


($1 = 1.4017 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))