0757 GMT - Brilliance China Automotive recently raised its dividend payout ratio target, but BMW-Brilliance's profit is expected to slip next year, Daiwa analysts write in a note. The Chinese automaker said the company's board revised and adopted a new dividend policy targeting to distribute no less than 50% of net profit, which would be quite positive for shareholders, they say. However, the company has faced challenges so far this year from subdued consumption sentiment for luxury cars in China as well as intense competition from domestic luxury EV brands, Daiwa says. The brokerage expects the company to record a 15% on-year decline in sales volume and an average of 3% on-year drop in selling prices in 2024. They reiterated its buy rating for the stock, which last closed at HK$3.68. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
December 19, 2024 02:57 ET (07:57 GMT)
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