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What to expect for NIO shares?

The Chinese electric vehicle (EV) manufacturer’s shares closed higher last week after it concluded that recent allegations of earnings manipulation were ‘not substantiated'.

nio singapore share stock price target rating sgx Source: Bloomberg
  • NIO Inc (SGX: NIO) share price rose to US$19.59 on Monday (29 August 2022)
  • The EV company’s independent internal review found that recent allegations of earnings fabrication were ‘not substantiated’
  • The stock is up roughly 12% since launching on the Singapore Exchange in May 2022
  • Keen to trade NIO shares? Open an account with us to start today.

NIO stock price: why is it rising?

NIO’s Singapore shares rallied nearly 11% last week, after the Chinese government unveiled a one trillion yuan (around US$146 billion) stimulus package to help spur the economy.

The State Council, China’s cabinet, spelled out 19 key measures during a meeting last Wednesday (24 August 2022), including the allowance of a further 300 billion yuan that state policy banks will be given to invest in infrastructure projects.

On Friday, the Chinese electric vehicle maker also updated that a previously announced independent internal review of a report issued by the short-seller firm Grizzly Research LLC ‘is now substantially complete’.

The report claimed that NIO had been exaggerating its revenues and profits through an unconsolidated related party named Wuhan Weineng (formed by NIO and a consortium of investors in late 2020).

‘Based on findings of the internal review, the independent committee has concluded that these allegations were not substantiated,’ NIO said.

NIO is also scheduled to release its second quarter 2022 unaudited financial results on 7 September 2022. For the second quarter, the company is expecting total revenues to increase between 10.6% and 19.4%, and vehicle deliveries to increase between 5% and 14.2%.

NIO stock price: what’s the latest forecast?

NIO’s Singapore shares, which are fully fungible with its American Depository shares (ADS), have rallied as much as 42% much as since debuting on the Singapore Exchange (SGX) on 22 May 2022.

As of 29 August 2022, the counter is up by approximately 12% since its launch.

In terms of outlook, the Straits Times Index constituent has an average rating of around ‘outperform’ and average target price of US$38.60 (down from US$39.45 in mid-July 2022), according to the latest SGX StockFacts data.

The target price equates to a 99.8% upside potential from NIO’s last traded price of US$19.36.

Thinking of trading NIO shares?

Go long or short via CFDs on NIO and other Singapore shares with our award-winning platform.* Open an account with us to start trading shares immediately.

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