DOCSLIB.ORG

BAIC Motor (1958 HK)-Downgrade to Hold: the Good, Mixed, And

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
BAIC Motor (1958 HK)-Downgrade to Hold: the Good, Mixed, And Company report Industrials Autos Equity – China BAIC Motor (1958 HK) Hold Downgrade to Hold: The good, mixed, and bad Target price (HKD) 8.10 We cut our earnings forecasts driven by weak sales volume of Share price (HKD) 7.60 Upside/Downside (%) +6.6% domestic brands and BJ Hyundai Dec 2014 a 2015 e 2016 e HSBC EPS (CNY) 0.70 0.62 0.73 Uncertainties on BJ Hyundai/domestic brands would hinder a HSBC PE 8.9 10.0 8.6 re-rating of the stock Performance 1M 3M 12M Absolute (%) 6.9 -4.0 Downgrade to Hold from Buy with target price cut from Relative^ (%) 0.8 6.9 HKD10.4 to HKD8.1 based on 10.8x 2015e PE BJ Benz: Still in the fast lane; don’t just focus on negative forex in 2H15e. BJ Benz’s product cycle may remain stronger than its competitors in 2H15e and 2016e. As the upcoming GLC and E- class would sit on the same platform as the C-class, we expect to see some scale effects in 2016e. We think investors should not just focus on the potential FX loss of cRMB215m in 2H15e arising from EUR borrowings. As the company gradually raises its hedging for 2016 exposure, we believe the impact from forex fluctuation would be reduced. We expect BJ Benz’s earnings contribution to 19 October 2015 rise 118%YoY to RMB2,916m in 2015e. Carson Ng* BJ Hyundai: Weak sales volume in 3Q15; the silver lining comes with new models. Sales Analyst The Hongkong and Shanghai Banking volume of BJ Hyundai declined 17%YoY in 3Q15, which was weaker than our expectation and Corporation Limited put profitability under pressure in 2H15e. We cut our forecasts for earnings contributions by +852 2996 6625 15%/16% in 2015e/16e to RMB4,013m/3,954m (-29%/-1%YoY) to reflect the volume and pricing [email protected] pressure. We believe the upcoming new model launches (SUV Tucson in September 2015 and Mike Yip* Analyst three sedan models in 2016) would alleviate the sales volume pressure but the new capacity from The Hongkong and Shanghai Banking 4Q16 remains a concern. Corporation Limited +852 2996 6942 Domestic brand: Ample new models but uncertain on execution. The reception of new models [email protected] launches (e.g. CC/X65) remains lacklustre so far, which cast doubt on the upcoming new model (X25/X55 in 4Q15). We lower our volume forecast for the new models and raised our domestic View HSBC Global Research at: brand net loss forecast from RMB1.8bn/1.6bn to RMB2.3bn/2.2bn in 2015e/16e. Our key concern http://www.research.hsbc.com is the company’s ability to translate the new model launches into volume. *Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA Downgrade to Hold from Buy with our target price cut from HKD10.4 to HKD8.10. We cut regulations our earnings forecasts by 17%/13%/9% in 2015e-17e and we are 8%/13% below consensus Issuer of report: The Hongkong and Shanghai Banking earnings in 2015e/16e. Our target multiple derived from ROE-based PE method is changed to Corporation Limited 10.8x from 11.3x. Although the stock offers 5% yield based on our estimates, we think the Disclaimer & concerns on BJ Hyundai and domestic brand would hinder any re-rating on the stock in 2H15e. Disclosures Next catalysts are 3Q15 results on 20 October and monthly sales volume especially on the new This report must be read SUVs. Upside risks include better-than-expected recovery of Hyundai in 2016e and downside with the disclosures and risks include domestic brands’ failure to narrow the loss. the analyst certifications in the Disclosure appendix, ^Index HSCEI Free float (%) 18 Index level 10,637 Market cap (USDm) 7,448 and with the Disclaimer, RIC 1958.HK Market cap (HKDm) 57,725 which forms part of it Bloomberg 1958 HK Source: HSBC Source: HSBC BAIC Motor (1958 HK) Autos abc 19 October 2015 Financials & valuation Financial statements Valuation data Year to 12/2014a 12/2015e 12/2016e 12/2017e Year to 12/2014a 12/2015e 12/2016e 12/2017e Profit & loss summary (CNYm) PE* 8.9 10.0 8.6 8.1 PB 1.4 1.3 1.3 1.2 Revenue 56,370 87,133 99,716 105,414 Dividend yield (%) 4.9 5.0 5.8 6.2 EBITDA 3,786 10,358 12,846 13,421 * Based on HSBC EPS (diluted) Depreciation & amortisation -2,364 -4,263 -4,817 -4,800 Operating profit/EBIT 1,422 6,095 8,028 8,622 Net interest -533 -755 -823 -862 Price relative PBT 6,698 9,491 11,316 11,973 13 13 HSBC PBT 6,698 9,491 11,316 11,973 Taxation -857 -1,860 -2,291 -2,433 12 12 Net profit 4,511 4,747 5,514 5,819 11 11 HSBC net profit 4,511 4,747 5,514 5,819 10 10 9 9 Cash flow summary (CNYm) 8 8 Cash flow from operations 1,742 9,980 8,493 8,054 7 7 Capex -11,785 -11,870 -6,796 -7,157 6 6 Cash flow from investment -9,941 -9,409 -4,256 -4,559 5 5 Dividends -2,273 -2,279 -2,373 -2,757 4 4 Change in net debt 1,711 -1,648 -1,864 -738 2013 2014 2015 2016 FCF equity -8,767 -1,441 2,887 2,107 BAIC Motor Rel to HSCEI Source: HSBC Balance sheet summary (CNYm) Intangible fixed assets 8,251 9,466 10,838 12,466 Note: Priced at close of 19 Oct 2015 Tangible fixed assets 43,222 49,131 49,738 50,467 Current assets 44,319 51,905 58,056 61,291 Cash & others 22,967 24,935 26,799 27,538 Total assets 109,859 123,503 133,202 140,410 Operating liabilities 36,189 44,494 48,732 50,366 Gross debt 29,918 30,238 30,238 30,238 Net debt 6,951 5,303 3,439 2,701 Shareholders' funds 33,355 35,491 37,441 39,293 Invested capital 36,636 41,073 43,101 46,321 Ratio, growth and per share analysis Year to 12/2014a 12/2015e 12/2016e 12/2017e Y-o-y % change Revenue 341.0 54.6 14.4 5.7 EBITDA 173.6 24.0 4.5 Operating profit 328.7 31.7 7.4 PBT 114.2 41.7 19.2 5.8 HSBC EPS 42.1 -11.1 16.2 5.5 Ratios (%) Revenue/IC (x) 1.8 2.2 2.4 2.4 ROIC 5.5 14.4 17.2 17.5 ROE 16.0 13.8 15.1 15.2 ROA 6.8 7.3 7.7 7.6 EBITDA margin 6.7 11.9 12.9 12.7 Operating profit margin 2.5 7.0 8.1 8.2 EBITDA/net interest (x) 7.1 13.7 15.6 15.6 Net debt/equity 16.6 11.3 6.6 4.7 Net debt/EBITDA (x) 1.8 0.5 0.3 0.2 CF from operations/net debt 25.1 188.2 247.0 298.2 Per share data (CNY) EPS reported (diluted) 0.70 0.62 0.73 0.77 HSBC EPS (diluted) 0.70 0.62 0.73 0.77 DPS 0.30 0.31 0.36 0.38 Book value 4.44 4.67 4.93 5.17 2 BAIC Motor (1958 HK) Autos abc 19 October 2015 Analysis We cut our earnings forecasts driven by weak sales volume of domestic brands and BJ Uncertainties on BJ Hyundai/domestic brands would hinder re-rating of the stock Downgrade to Hold from Buy with target price cut from HKD10.4 to HKD8.1 based on 10.8x 2015e PE Beijing Hyundai Weak 3Q15 sales volume of Beijing Hyundai Sales volume of Beijing Hyundai declined 17.3%YoY to 214,429 units in 3Q15. In August, the JV has officially reduced the MSRP of ix35 and Sante Fe ahead of the launch of new Tucson in September 2015. As the net profit margin of BJ Hyundai declined from 10.2% in 1H14 to 8.1% in 1H15, we believe the weak volume in 3Q15 would continue to put the profitability under pressure in 2H15. New product launches of BJ Hyundai Recently, Hyundai made a couple of executive changes for its China business. Mr Lee Byung-ho, former vice president of Hyundai WIA, was made Head of Beijing Hyundai. Mr Lee was the head of Hyundai US sales company from 2009 to 2014. Mr Noh Jae-man, the head of Beijing Hyundai until 2011, will return to Hyundai Motor, holding an advisory role to the China business. Beijing Hyundai just launched the New Tucson in September 2015 and the pace of ramp-up and reception was solid in the first month of sales in September 2015. The company also schedules to launch three sedan models in 2016. Given that consumers become much more sensitive to products’ model age, we think new model launches become more important for the turnaround of the business. The new generation of Elantra would be a focus in 2016e. 3 BAIC Motor (1958 HK) Autos abc 19 October 2015 Monthly sales volume of Beijing Hyundai Market share Beijing Hyundai in total PV sales 140,000 7.0% Units 120,000 6.5% 6.0% 100,000 5.5% 80,000 5.0% 60,000 4.5% 40,000 4.0% 20,000 3.5% - 3.0% Jul-12 Jul-13 Jul-14 Jul-15 Jul-12 Jul-13 Jul-14 Jul-15 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Jan-12 Jan-13 Jan-14 Jan-15 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Jan-12 Jan-13 Jan-14 Jan-15 Monthly sales volume of BJ Hyundai Market share of BJ Hyundai Source: CAAM Source: CAAM Earnings forecasts for Beijing Hyundai Sales volume assumptions of Beijing Hyundai Revised Previous Chg% (Units) 2015e 2016e 2017e2015e 2016e 2017e 2015e 2016e 2017e Sedan Sonata 8th generation 13,737 6,868 6,525 13,737 6,868 6,868 0.0% 0.0% -5.0% Sonata 9th generation 59,000 70,800 70,800 40,000 44,000 44,000 47.5% 60.9% 60.9% Sonata Monica 6,500 - - 4,593 - - 41.5% N.A.
Load more

Recommended publications
  • BAIC Motor 2016 Annual Results Announcement 北京汽车股份有限公司2016年度业绩推介材料
    BAIC Motor 2016 Annual Results Announcement 北京汽车股份有限公司2016年度业绩推介材料 2017.03 Hong Kong Stock Code: 1958.HK Statement This demonstration film and the information it contained do not constitute suggestions on the trading of any securities of BAIC Motor Corporation Ltd. (“the Company”) or offers on the trading of any Company securities, and do not constitute foundation or basis of any contract or commitment. As for the fairness, accuracy, completeness or correctness of the information or suggestions contained in this demonstration film, we do not make any explicit or inexplicit statement or guarantee, and shall not rely on the above-mentioned information or suggestions. As for the losses arising from using this demonstration film or its contents, or other reasons related to this demonstration film, regardless of the nature, the Company and any of its consultant or representative do not undertake any responsibilities or obligations (be it due to negligence or other reasons). Information contained in this demonstration film may be updated, reorganized, modified, verified and revised and the above-mentioned information may be subject to significant changes. This presentation contains predictive statements regarding the Company's financial condition, operating performances and business, and certain plans and objectives of the Company's management, which can involve predictable and unpredictable risks, uncertainties and other factors, and these risks, uncertainties and other factors can possibly lead to significant differences between the actual future performances of the Company and those explicitly or inexplicitly expressed in the above-mentioned predictive statements. The above predictive statements are based on the Company's current and future business strategies and various assumptions based on the political and economic environment in which the Company will conduct business in the future.
    [Show full text]
  • 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 1958)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1958) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2015 The board (the “Board”) of directors (the “Directors”) of BAIC Motor Corporation Limited (the “Company” or “We” or “Our”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (collectively referred to as the “Group”) for the six months ended June 30, 2015 (the “Reporting Period”). The results have been prepared in accordance with the International Accounting Standard 34, “Interim Financial Reporting” issued by the International Accounting Standards Board and the disclosure requirements under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). The audit committee of the Board (the “Audit Committee”) and PricewaterhouseCoopers, the external auditors of the Group, have reviewed the unaudited condensed consolidated interim financial information (“Condensed Financial Information”). 1 CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS
    [Show full text]
  • Poland Regional Cities-Comfort-Vehicle-List
    Make Model Year Oldsmobile 19 Oldsmobile Alero Oldsmobile Aurora Oldsmobile Bravada Oldsmobile Cutlass Supreme Oldsmobile Intrigue Oldsmobile Silhouette Dodge Attitude Dodge Avenger 2013 Dodge Caliber Dodge Caravan 2015 Dodge Challenger Dodge Charger 2013 Dodge Dakota Dodge Dart 2015 Dodge Durango 2013 Dodge Grand Caravan 2015 Dodge Intrepid Dodge JCUV Dodge Journey 2013 Dodge Magnum 2013 Dodge Neon 2015 Dodge Nitro 2013 Dodge Ram 1500 Dodge Ram 2500 Dodge Ram 3500 Dodge Ram 4500 Dodge Ram 700 Dodge Ram Van 2015 Dodge Sprinter Dodge Stratus 2015 Dodge Stretch Limo Dodge Viper Dodge Vision Dodge i10 Land Rover Defender 2013 Land Rover Discovery 2013 Land Rover Freelander 2013 Land Rover Freelander 2 Land Rover LR2 Land Rover LR3 Land Rover LR4 Land Rover Range Rover 2013 Land Rover Range Rover Evoque 2013 Land Rover Range Rover Sport 2013 Land Rover Range Rover Velar 2013 Land Rover Range Rover Vogue 2013 Chevrolet Agile Chevrolet Astra 2015 Chevrolet Astro Chevrolet Avalanche 2013 Chevrolet Aveo Chevrolet Aveo5 Chevrolet Beat Chevrolet Blazer Chevrolet Bolt Chevrolet CMV Chevrolet Camaro Chevrolet Caprice Chevrolet Captiva 2013 Chevrolet Cavalier Chevrolet Celta Chevrolet Chevy Chevrolet City Express Chevrolet Classic Chevrolet Cobalt 2015 Chevrolet Colorado Chevrolet Corsa Chevrolet Corsa Sedan Chevrolet Corsa Wagon Chevrolet Corvette Chevrolet Corvette ZR1 Chevrolet Cruze 2015 Chevrolet Cruze Sport6 Chevrolet Dmax Chevrolet Enjoy Chevrolet Epica 2013 Chevrolet Equinox 2013 Chevrolet Esteem Chevrolet Evanda 2013 Chevrolet Exclusive Chevrolet
    [Show full text]
  • Buy BAIC Motor
    Deutsche Bank Markets Research Rating Company Date 18 February 2016 Buy BAIC Motor Forecast Change Asia China Reuters Bloomberg Exchange Ticker Price at 18 Feb 2016 (HKD) 5.70 Automobiles & 1958.HK 1958 HK HSI 1958 Price target - 12mth (HKD) 7.40 Components 52-week range (HKD) 11.50 - 4.75 HANG SENG INDEX 18,925 Benz JV shines but local brand still in Vincent Ha, CFA Fei Sun, CFA reverse gear Research Analyst Research Analyst (+852 ) 2203 6247 (+852 ) 2203 6130 Benz JV success obscured by weakness at Hyundai JV and Beijing Motor [email protected] [email protected] BAIC's shares have underperformed even in a weak market, with a 27% decline YTD (vs. HSCEI's 15% drop), at a time when the Benz JV is seeing robust sales as expected. While we think the pressure on the Hyundai JV will Key changes be relieved by more new models, the Beijing Motor local brand operation still Price target 9.50 to 7.40 ↓ -22.1% struggles, even with better sales, and is the primary reason for our earnings Sales (FYE) 84,048 to 81,101 ↓ -3.5% cuts. We now forecast a ~RMB3bn annual loss for Beijing Motor and assign a Op prof 6.6 to 6.4 ↓ -3.8% negative value of HKD2.8/share to it. This implies a valuation of 9x for the margin (FYE) Benz/Hyundai JVs' FY16E earnings growth of 12%, still justifying a Buy rating. Net profit 4,709.2 to ↓ -19.3% (FYE) 3,798.9 Benz JV’s sales volume up 52% in January; strong growth to continue Source: Deutsche Bank Based on Daimler’s (DAIGn.DE, EUR64.86, Buy) FY15 annual report, Beijing Benz JV made a profit of EUR862m (+178%), ahead of our expectations, on a Price/price relative 66% YoY jump in revenue.
    [Show full text]
  • Interim Report 2015
    (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock code: 1958 Interim Report 2015 Contents 3 Corporate Information 4 Summary of Financial Information 6 Business Overview 8 Management Discussion and Analysis 15 Corporate Governance/Other Information 17 Directors, Supervisors and Senior Management 19 Report on Review of Interim Financial Information 20 Condensed Consolidated Interim Balance Sheet 22 Condensed Consolidated Interim Statement of Comprehensive Income 23 Condensed Consolidated Interim Statement of Changes in Equity 25 Condensed Consolidated Interim Statement of Cash Flows 27 Notes to the Interim Condensed Consolidated Financial Information 56 Definitions BAIC MOTOR CORPORATION LIMITED The board (the “Board”) of directors (the “Directors”) of BAIC Motor Corporation Limited (the “Company” or “we” or “Our”) is hereby to announce the unaudited interim condensed financial 761.8 THOUSAND UNITS information (the “Condensed Financial Information”) of the Company and its subsidiaries (collectively referred to as the During the first half of 2015, the total sale volume of Beijing Brand, Beijing “Group”) for the six months ended June 30, 2015 (the “Reporting Benz and Beijing Hyundai amounted to 761.8 thousand units. Period”). The Condensed Financial Information has been prepared in accordance with the International Accounting Standard 34, “Interim Financial Reporting” issued by the International Accounting Standards Board and the disclosure requirements under the Rules Governing the Listing of Securities on The Stock 45% Exchange of Hong Kong Limited (the “Stock Exchange”) (the “Listing Rules”). During the first half of 2015, the Group achieved consolidated revenue of RMB36,522 million, representing a year-on-year increase of 45%.
    [Show full text]
  • Annual Report 2015 *For Identification Purpose Only Senova Concept Offspace BAIC MOTOR CORPORATION LIMITED Annual Report 2015 Contents
    ＊ (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock code: 1958 Annual Report 2015 *For identification purpose only Senova Concept OffSpace BAIC MOTOR CORPORATION LIMITED ANNUAL REPORT 2015 Contents 2 Corporate Information 3 Chairman’s Statement 5 President’s Statement 7 Summary of Financial Information 9 Company Profile 18 Management Discussion and Analysis 26 Report of the Board of Directors 42 Report of the Board of Supervisors 44 Corporate Governance Report 57 Directors, Supervisors and Senior Management 66 Human Resources 67 Independent Auditor’s Report 69 Consolidated Balance Sheet 71 Consolidated Statement of Comprehensive Income 72 Consolidated Statement of Changes in Equity 74 Consolidated Statement of Cash Flows 76 Notes to the Consolidated Financial Statements 146 Definitions BAIC MOTOR CORPORATION LIMITED ANNUAL REPORT 2015 CORPORATE INFORMATION LEGAL NAME OF THE COMPANY AUDITOR (EXTERNAL AUDIT FIRM) 北京汽車股份有限公司 PricewaterhouseCoopers ENGLISH NAME OF THE COMPANY Certified Public Accountants BAIC Motor Corporation Limited 22/F Prince’s Building, Central, Hong Kong REGISTERED OFFICE PricewaterhouseCoopers Zhong Tian LLP The fifth Building, Block 25 Shuntong Road, Shunyi District, 11/F, PricewaterhouseCoopers Center, Beijing 101300, China No. 202 Hu Bin Road, Shanghai, China HEADQUARTERS No. 99 Shuanghe Street, Renhe Town, Shunyi District, COMPLIANCE ADVISOR Beijing 101300, China Shenwan Hongyuan Capital (H.K.) Limited PRINCIPAL PLACE OF BUSINESS IN HONG KONG Level 19, 28 Hennessy Road, Hong Kong 36/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong EXTERNAL COMPANY SECRETARY AUTHORIZED REPRESENTATIVES KCS Hong Kong Limited 36/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Mr.
    [Show full text]
  • 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 1958)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1958) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2016 The board (the “Board”) of directors (the “Directors”) of BAIC Motor Corporation Limited (the “Company” or “we” or “our Company”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (collectively referred to as the “Group”) for the six months ended June 30, 2016 (the “Reporting Period”) together with the comparative figures for the corresponding period in 2015. The results have been prepared in accordance with the International Accounting Standard 34, “Interim Financial Reporting” issued by the International Accounting Standards Board and the disclosure requirements under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). The audit committee of the Board (the “Audit Committee”) and PricewaterhouseCoopers, the external auditors of the Group, have reviewed the unaudited condensed consolidated interim financial information (“Condensed Financial Information”). 1
    [Show full text]
  • China Models Ranking 2019
    China models ranking 2019 Please note these figures are for locally produced models only (unless stated otherwise), they exclude imported cars, which make up only a small portion of sales in China. Model 2019 2018 Change 1 Volkswagen Lavida 533.186 503.825 5,8% 2 Nissan Sylphy 470.707 481.216 -2,2% 3 Haval H6 386.405 452.552 -14,6% 4 Wuling Hongguang 374.878 476.538 -21,3% 5 Toyota Corolla 357.798 374.400 -4,4% 6 Volkswagen Bora 334.668 245.818 36,1% 7 Volkswagen Sagitar 307.323 309.902 -0,8% 8 Buick Excelle GT 279.280 261.920 6,6% 9 Volkswagen Santana 255.836 276.411 -7,4% 10 Honda Civic 243.966 218.132 11,8% 11 Geely Boyue 232.327 255.695 -9,1% 12 Volkswagen Tiguan 228.951 303.374 -24,5% 13 Honda Accord 223.706 176.769 26,6% 14 Toyota Levin 221.629 192.697 15,0% 15 Volkswagen Passat 214.061 179.028 19,6% 16 Honda CR-V 213.306 143.689 48,4% 17 Geely EC7 211.472 246.998 -14,4% 18 Nissan X-Trail 207.776 207.951 -0,1% 19 Changan CS75 193.227 140.293 37,7% 20 Toyota Camry 185.245 163.046 13,6% 21 Nissan Qashqai 179.773 175.045 2,7% 22 Volkswagen Tayron 179.428 20.235 786,7% 23 Volkswagen Magotan 169.242 228.990 -26,1% 24 Audi A4L 167.689 167.923 -0,1% 25 Roewe RX5 166.114 224.819 -26,1% 26 BMW 5-series L 163.500 146.604 11,5% 27 Roewe i5 158.945 66.533 138,9% 28 Baojun 510 158.201 361.403 -56,2% 29 Mercedes-Benz E-Class L 157.504 146.032 7,9% 30 Mercedes-Benz C-Class L 154.614 156.567 -1,2% 31 Honda Crider 154.053 113.108 36,2% 32 Buick GL8 148.121 144.308 2,6% 33 Honda XR-V 147.203 168.250 -12,5% 34 Mercedes-Benz GLC 142.857 118.350 20,7%
    [Show full text]
  • China Autos Sector
    China Consumer Discretionary 4 January 2016 China Autos Sector Running on fumes in 2016; refill needed for 2017 Positive investor sentiment on the sector should persist in 1Q-3Q16, but concerns are likely to resurface as we get closer to 2017 We prefer domestic brands to foreign brands, but expect SUV margins Kelvin Lau to continue to deteriorate over our forecast period (852) 2848 4467 Positive on Geely, BAIC and DFM; negative on GWM; initiating on [email protected] DFM with an Outperform (2) and Brilliance with an Underperform (4) Brian Lam (852) 2532 4341 [email protected] See important disclosures, including any required research certifications, beginning on page 103 China Autos Sector: 4 January 2016 Table of contents Running on fumes in 2016; refill needed for 2017 ................................................. 5 Tax cut should boost sales volume growth in 2016 ........................................................... 5 Strong industry pipeline in 2016 ........................................................................................ 6 Domestic brands should keep outpacing foreign brands ..................................................10 Accelerating investment in NEVs in 2016-20 ...................................................................14 Balance sheets remain healthy ........................................................................................18 Hard to see any recovery for CVs ....................................................................................18 Valuations and
    [Show full text]