HK-listed Nexteer Automotive rises, Nomura upgrades to buy

Nexteer Automotive

06/02/2020 05:06

** Shares of steering and driveline systems developer and
maker Nexteer Automotive Group Ltd  1316.HK  rise as much as
5.6% to HK$6.56, highest since Jan. 22
    ** Stock on track for fourth straight session of gain
    ** Brokerage Nomura upgrades Nexteer Automotive to "buy"
from "neutral" and lifts PT to HK$8.2 from HK$7.0, saying the
firm's U.S. revenue growth will turn positive this year amid
normalizing U.S. and China sales momentum 
    ** Nomura says corona virus remains a source of uncertainty
on Nexteer Automotive's China operations
    ** As of Wednesday's close, the stock down 12% this year
    ** Nexteer Automotive has underperformed the Hang Seng
Commerce & Industry index  .HSNC  by 5.9 percentage points in
the past one month
    ** The Hong Kong Hang Seng Commerce & Industry index  .HSNC 
rises 2.2% and the benchmark index  .HSI  climbs 2%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)