DOCSLIB.ORG

9 June 2014 CFSG Daily Comment

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
9 June 2014 CFSG Daily Comment 9 June 2014 CFSG Daily Comment Today’s Forecast Market Outlook HSI trading range 22,900 – 23,200 points Market focus Chinese property sector HSI might challenge 23,000 points today. The Hang Seng Index rebounded by 121 points to its intra-day high of 23,231 points at Greatwall Motor (02333) the opening last Friday amid the upbeat performance of European and U.S.’s stocks. Evergrande (03333) After that, dragged by the weak performance of Mainland China’s stocks, the gains of the index narrowed down and turned to a negative territory. During the afternoon session, HK and Regional Markets the losses of HK stocks once narrowed down. However, during the last trading hour, Close (last trading day) Up(down) HK market plunged again and the HSI finally closed near the intra-day low of 22,951 Hang Seng Index 22,951.00 (0.69%) points, down 158.66 points or 0.69%, losing 23,000 points level. Amongst, Chinese bank HSCEI 10,340.99 (0.23%) sector and gaming stocks tumbled in general. Market turnover rose to HKD56.4 billion, CCI 4,248.58 (0.58%) indicating HK market suffered selling pressure last Friday. The ADR proportional HSI DJIA 16,924.28 0.52% index closed overnight at 22,979 points with 28 points or 0.12% higher than last Friday’s Nasdaq 4,321.40 0.59% closing price. Coupled with the strong performance of the U.S. stock markets and the UK FTSE 6,858.21 0.66% better-than-expected Chinese exporting data, HSI is expected to breakthrough 23,000 France CAC 4,581.12 0.71% points today. On top of that, National Bureau of Statistics will announce the inflation rate Germany DAX 9,987.19 0.40% and industrial production related economic data on coming Tuesday. The results might Shanghai A 2,125.33 (0.54%) bring ripples on Hong Kong stock market later on. Thus, investors are advised to take an Shanghai B 223.53 0.00% eye on the relevant factors. Hang Seng Composite Industry Indices Sector and Company News Close (last trading day) Up(down) Energy 11,731.32 0.11% Country Garden (02007)'s contracted sales in first five months were RMB49.37 billion; Materials 5,114.32 0.42% contracted sales GFA was approximately 7.588 million square meters. Consumer Goods 4,825.02 (0.32%) Goodbaby Intl (01086) acquired entire issued capital of a juvenile and infant durable Services 4,869.49 (0.90%) products manufacture WP Evenflo Group at a consideration of USD143 million. WP Telecommunications 1,630.93 (0.65%) Evenflo Group’s revenue for 2013 was HKD1.612 billion and recorded a loss of Financials 3,332.03 (0.44%) HKD59.9 million. Properties & Construction 2,820.24 (0.70%) Greatwall Motor (02333)’s car production in May dropped by 13.9% YoY to 53,538 Conglomerates 2,924.39 (1.47%) units and car sales fell by 15.7% YoY to 51,837 units. China Longyuan (00916)’s power generation in May rose by 8.68% YoY to 3.1882 HSI Futures (Day Trading Session) million MWh. Jun-14 Jul-14 Evergrande (03333)’s contracted sales in May were RMB11.82 billion and contracted Open (last trading day) 23,126 23,018 sales area was approximately 1.866 million square meters, up 28.3% and 45.1% YoY Close (last trading day) 22,790 22,691 respectively. Up (down) -195 -194 According to figures released by General Administration of Customs, China’s total Day High 23,134 23,018 value of imports and exports in May increased by 3% YoY to USD355.02 billion. Day Low 22,782 22,686 Amongst, exports climbed by 7% YoY to USD195.47 billion, beating market Settled volume 55,151 818 expectation of a 6.6% growth; dragged by the weak domestic demand, imports slipped Change in OI -1,862 276 by 1.6% YoY to USD159.55 billion, much worse than the market expectation of a growth 6.6%. Foreign Exchange Latest Price Stock Pick USD/JPY 102.5900 EUR/USD 1.3648 GAC Group (02238)’s car sales in May rose by 27.3% YoY. GBP/USD 1.6808 Recently, GAC Group announced that the Group’s car production in May hiked by AUD/USD 0.9341 USD/CAD 1.0937 43.1% YoY to 111,232 units and car sales jumped by 27.3% YoY to 92,253 units. For USD/SWF 0.8934 the first five months, the Group’s car production expanded by 35.5% YoY to 474,780 units; car sales rallied by 19% YoY to 407,306 units. Overall, GAC Group’s sales performance for May beat our consensus. Amongst, sales of GAC Toyota Motor, GAC FLAT Automobiles and GAC Mitsubishi Motor surged by 30.2%, 91.2% and 189.4% YoY to 30,780, 5,842 and 6,616 units respectively in May, keeping a fast growth; Guangqi Honda Automobile climbed by 10.4% YoY to 33,701 units, significant improving as compared to the loss of more than 30% in April. Alongside, sales for GAC Group’s subsidiary Guangzhou Automobile Group Motor, owning a brand of “Chuanqi”, also climbed by 35.9% YoY to 11,461 units, indicating the Group’s product mix improved gradually and it is expected to relieve dependence on Japanese brand in the future. Furthermore, the Group planed to launch pony vehicle of Toyota and SUV of Honda in 3Q14 and 4Q14 respectively, which could further give a boost to the Group’s car sales within this year. Thus, we are cautiously positive towards the Group’s financial performance this year temporarily. Stimulated by the upbeat sales figures, GAC Group’s stock price increased by 4.9% to HKD8.52, breaking through 250-day MA last Friday. Technically, 14-day RSI also rebound to 63, posting strong performance. We forecast the stock might challenge the high position in April of approximately HKD8.8 in short run. The above information is provided and distributed by Celestial Securities Limited ( “CSL ”). CSL is a corporation licensed under the Securities and Futures Ordinance. The document is for reference only. Neither the information nor opinion expressed shall be construed, expressly or impliedly, as an advice, offer, invitation, advertisement, inducement, recommendation or representation of any kind or form whatsoever. While the information con tained herein has been obtained from sources believed to be reliable, CSL or its affiliates (“CASH”) do not represent that it is accurate or complete and it should be relied upon. CASH hereby expressly disclaims all liabilities arising out of or incidenta l to the accuracy and completeness of the contents and information herein contained. The contents and information in this document is subject to change without prior notice to you. Trade in securities covered by this report may be made only in those jurisd ictions where the securities are qualified for trading. This document may not in whole or in part be reproduced or furnished to any person other than the addressee without written consent from CASH and CASH shall not be liable to any such third parties for loss arising from any unauthorized distribution. - 1 - 9 June, 2014 >> CFSG Daily Comment ADR HK Stock Prices Stock ADR Closing Price Adjusted Price Change from (HKEx Ticker) (US$) (HK$) HK Closing Price (HK$) HSBC Holdings (00005.HK) 52.46 81.65 0.344 China Life (02628.HK) 41.12 21.333 (0.556) Petrochina (00857.HK) 120.35 9.366 (0.537) CNOOC (00883.HK) 170.32 13.254 (0.258) Sinopec Corp (00386.HK) 92.2 7.175 0.556 China Mobile (00941.HK) 48.93 76.156 (0.690) China Unicom (00762.HK) 14.68 11.424 (0.272) China Telecom (00728.HK) 49.73 3.87 0.465 Huaneng Power (00902.HK) 42.94 8.354 (0.809) A – H Comparison A-Share HKD H-Share Stock Closing Price Adjusted Price Closing Price H/A (%)* (HKEx Ticker) (RMB) (HK$) (HK$) ICBC (01398.HK) 3.61 4.54 5.16 114% China Merchants Bank (03968.HK) 10 12.56 14.68 117% Bank of China (03988.HK) 2.7 3.39 3.63 107% Sino Corp (00386.HK) 5.03 6.32 7.14 113% Maanshan Iron (00323.HK) 1.55 1.95 1.64 84% Angang New Steel (00347.HK) 2.82 3.54 4.6 130% Jiangxi Copper (00358.HK) 11.99 15.06 12.9 86% ZTE (00763.HK) 12.89 16.19 15.16 94% Huaneng Power (00902.HK) 5.53 6.95 8.27 119% Huadian Power (01071.HK) 3.22 4.05 4.39 109% Datang Power (00991.HK) 3.53 4.44 3.13 71% China Life (02628.HK) 14.18 17.82 21.3 120% China CITIC Bank (00998.HK) 4.29 5.39 4.65 86% BOCOMM (03328.HK) 3.79 4.76 5.23 110% * > 100% ： H-Share is at a premium on its A-Share ； < 100% ： H-Share is at a discount on its A-Share Commodities Price Price Change Change (%) WTI Crude Oil Futures (USD/bbl.) 102.72 0.06 0.06% Brent Crude Oil Futures (USD/bbl.) 108.62 0.01 0.01% Gold 100 OZ Futures (USD/t oz.) 1,252.98 (0.25) (0.02%) COMEX Silver Futures (USD/t oz.) 19.03 0.03 0.18% COMEX Copper Futures (USD/lb.) 304.90 (0.20) (0.07%) Platinum Spot (USD/t oz.) 1,452.06 - 0.00% The above information is provided and distributed by Celestial Securities Limited ( “CSL ”).
Load more

Recommended publications
  • GAC Motor Unveils Concept Car ENTRANZE at NAIAS 2019
    GAC Motor Unveils Concept Car ENTRANZE at NAIAS 2019 Detroit, U.S., January 14, 2019 Automaker GAC Motor impressed audiences at the 2019 North American International Auto Show (NAIAS) on January 14 with the world premiere of its ENTRANZE concept car, emphasizing the automaker's human-centric approach to family vehicles. The ceremony was attended by distinguished guests, including media, global suppliers and partners. Developed by the GAC Motor’s Advanced Design Center in Los Angeles, the bullet- inspired ENTRANZE concept is designed to meet the needs of American consumers. It offers a revolutionary vision of future mobility, showcasing new energy breakthroughs, an upgraded user experience (UI), unique interior and exterior design concepts, and technology features including: Replacement of traditional control panel with an advanced voice-controlled UI and dynamic buttons on the steering wheel New 3+2+2 seating arrangement and aircraft-inspired aisle Two-side mounted displays for functional feature control, plus curved displays for passenger entertainment Integrated cargo system with a central movable storage unit in the second row, removable backpacks doubling as in-vehicle storage and folding rocker panel for leisure seating. “Ultimately, automotive products are a means for people to connect during life’s great journey. The ENTRANZE concept embodies our vision to provide mobility solutions that enrich lives,” said Yu Jun, president of GAC Motor. GAC Motor has also displayed its portfolio of star vehicles of SUVs, sedans, minivans and NEVs, including GS3, GS4, GS5, GS7, GS8, GA4, GM6, GM8, and GE3 530 at NAIAS 2019. California Headquarters Announced At the show, GAC Motor officially announced that it has registered its North American Sales Company in Irvine, Calif., near Los Angeles.
    [Show full text]
  • Outlook Is Not So Dim Recommendation: BUY
    MASTERS IN FINANCE QUITY ESEARCH E R GREATWALL MOTOR (2333 HK) COMPANY REPORT INDUSTRY : AUTOMOBILE 5 MAY 2016 STUDENT: JIASHENG WANG [email protected] Outlook is not so dim Recommendation: BUY GWM is underpriced despite of no growth prospect Price Target FY17: 11.29 HK$ . Consumers’ affection for SUV didn’t cool down in 2015 and Price (as of 4-May- will extend to next two years whereas the whole vehicle market of 5.88 HK$ 2016) China regressed to the slowing GDP growth. Thanks to deep dedication to SUV segment (82% of total), the company achieved the 52-week range (HK$) 4.96-18.57 sale target of 850k vehicles in 2015 with 21.5% revenue growth. But Market Cap (HK$ m) 79,399 Outstanding Shares (m) 9,127 GWM’s SUV growth was below the industry average. Company’s net profit held on due to deterioration of margin rate. In Q1 2016, most of Source: Bloomberg and company f ile as of May 4, 2016 the models showed negative YoY growth apart from H1 and H6. In 2015 the highest-end SUV H8 was eventually launched after several postponements but ended up with poor sale. The frequent price-off promotion propped up the double-digit growth but gross margin was hurt. The marketing strategy of “Blue-Red logo” would greatly enrich GWM’s product lines and enhance effectiveness of marketing strategy. Also, the establishments of factory and sale branches oversea would bring to GWM more sources of income. I hold bearish view on GWM’s future performance because: Source: Bloomberg (base date: Jan 2005) (i)the price of upcoming SUV H7 is not friendly enough to become a (Values in 2015 2016E 2017E 2018E RMB millions) hot sale model; (ii)the next generation of H6 might loss cost Rev enues 76,033 80,943 89,560 94,568 advantage given the current price war; (iii)the fail of equity financing Gross prof it 16,222 17,979 18,174 19,176 delays GWM’s entrance into NEV market.
    [Show full text]
  • 2020 Annual Results Announcement
    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. GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣 州 汽 車 集 團 股 份 有 限 公 司 (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2238) 2020 ANNUAL RESULTS ANNOUNCEMENT The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2020 together with the comparative figures of the corresponding period ended 31 December 2019. The result has been reviewed by the Audit Committee and the Board of the Company. - 1 - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December Note 2020 2019 RMB’000 RMB’000 Revenue 3 63,156,985 59,704,322 Cost of sales (60,860,992) (57,181,363) Gross profit 2,295,993 2,522,959 Selling and distribution costs (3,641,480) (4,553,402) Administrative expenses (3,850,327) (3,589,516) Net impairment losses on financial assets (55,110) (53,831) Interest income 304,233 290,694 Other gains – net 4 1,379,690 2,620,340 Operating loss (3,567,001) (2,762,756) Interest income 127,551 171,565 Finance costs 5 (439,567) (516,481) Share of profit of joint ventures and associates 6 9,570,978 9,399,343 Profit before income tax 5,691,961 6,291,671 Income tax credit 7 355,990
    [Show full text]
  • Monthly Stocks Savings Plan Stocks List
    Monthly Stocks Savings Plan Stocks List Stock code Stock name Stock code Stock name 1 CKH HOLDINGS 241 ALI HEALTH 2 CLP HOLDINGS 257 CHINA EB INT'L 3 HK & CHINA GAS 267 CITIC 4 WHARF HOLDINGS 268 KINGDEE INT'L 5 HSBC HOLDINGS 270 GUANGDONG INV 6 POWER ASSETS 285 BYD ELECTRON 8 PCCW 288 WH GROUP 11 HANG SENG BANK 291 CHINA RES BEER 12 HENDERSON LAND 293 CATHAY PAC AIR 14 HYSAN DEV 322 TINGYI 16 SHK PPT 323 MAANSHAN IRON 17 NEW WORLD DEV 330 ESPRIT HOLDINGS 19 SWIRE PACIFIC A 338 SHANGHAI PECHEM 23 BANK OF E ASIA 347 ANGANG STEEL 27 GALAXY ENT 358 JIANGXI COPPER 66 MTR CORPORATION 363 SHANGHAI IND H 83 SINO LAND 371 BJ ENT WATER 97 HENDERSON INV 384 CHINA GAS HOLD 101 HANG LUNG PPT 386 SINOPEC CORP 119 POLY PROPERTY 388 HKEX 123 YUEXIU PROPERTY 390 CHINA RAILWAY 135 KUNLUN ENERGY 392 BEIJING ENT 144 CHINA MER PORT 405 YUEXIU REIT 151 WANT WANT CHINA 489 DONGFENG GROUP 152 SHENZHEN INT 506 CHINA FOODS 165 CHINA EB LTD 586 CONCH VENTUR 168 TSINGTAO BREW 656 FOSUN INTL 175 GEELY AUTO 669 TECHTRONIC IND 177 JIANGSU EXPRESS 688 CHINA OVERSEAS 200 MELCO INT'L 700 TENCENT Stock code Stock name Stock code Stock name 728 CHINA TELECOM 1128 WYNN MACAU 753 AIR CHINA 1157 ZOOMLION 762 CHINA UNICOM 1171 YANZHOU COAL 763 ZTE 1177 SINO BIOPHARM 772 CHINA LIT 1186 CHINA RAIL CONS 788 CHINA TOWER 1193 CHINA RES GAS 813 SHIMAO PROPERTY 1199 COSCO SHIP PORT 817 CHINA JINMAO 1211 BYD COMPANY 823 LINK REIT 1288 ABC 836 CHINA RES POWER 1299 AIA 857 PETROCHINA 1313 CHINARES CEMENT 883 CNOOC 1336 NCI 884 CIFI HOLD GP 1339 PICC GROUP 902 HUANENG POWER 1347 HUA
    [Show full text]
  • GAC Group (2238 HK) – 3Q20 Yield (%) 6.52% 3.52% 3.17% 4.13% 4.93% Performance Update“ – 2 Nov 2020 ROE (%) 14.93% 8.44% 7.25% 9.14% 10.19% 2
    9 Apr 2021 CMB International Securities | Equity Research | Company Update G AC Group (2238 HK) BUY (Maintain) Bottom -out in 2021E Target Price HK$11.1 (Previous TP HK$12.1) Up/Downside +62.8% GAC Group announced its FY20 full-year results. Top-line rose by 6%YoY to Current Price HK$6.8 RMB63.2bn. NP fell 10%YoY to RMB6.0bn (vs CMBI estimate RMB5.8bn). The Company declared a total dividend of RMB0.18 per share, representing a 31% China Auto Sector payout ratio. We cut our TP to HK$11.1 (based on 12.0x 2021E P/E) with an upside of 62.8% from the initial TP HK$12.1 (based on initial 15.0x 2021E P/E). Jack Bai Reiterate BUY. (852) 3900 0835 [email protected] Core loss (excluding investment income/other income) has narrowed in 2020 and is expected to improve in 2021E. Even though GAC Trumpchi's Stock Data sales volume was down 14% in 2020, the sales structure was improved Mkt Cap (HK$ mn) 113,391 Avg 3 mths t/o (HK$ mn) 405.23 significantly. Specifically, the sales volume of MPV with higher ASP was up 52w High/Low (HK$) 10.08/5.48 25% YoY. As a result, improvement in sales mix leads to ASP rising to Equity share – 2238.HK 3,099 RMB107K in 2020 from RMB97K in 2019. In addition, the revenue of GAC Equity share - 601238.SH 7,252 Source: Wind Aion recorded a 50% growth rate driven by sales volume growth of 43%.
    [Show full text]
  • Master's Degree in Language, Economics and Institutions of Asia
    Master’s Degree In Language, Economics and Institutions of Asia and North Africa Curriculum Language and Management to China Final Thesis The Italian Automotive Industry after Covid-19 emergency: internationalization strategy for the new electric Fiat 500 in China Supervisor Prof. Alessandra Perri Assistant supervisor Prof. Anna Morbiato Graduand Benedetta Baciarlini 874706 Academic Year 2019/ 2020 不到黄河心不死 Index 前言 .................................................................................................................... 1 Introduction ...................................................................................................... 3 Chapter 1 The Italian Automotive Industry and Covid-19 impact ............ 5 1.1.The Italian Automotive industry .................................................................. 5 1.1.1.The Automotive industry's positioning on the Italian market ............ 5 1.1.2.Technological evolution ..................................................................... 8 1.1.3.Made in Italy, synonym of quality ................................................... 10 1.2.The supply chain ......................................................................................... 12 1.2.1.Global value chains ......................................................................... 12 1.2.2.The supply chain and the role of suppliers ....................................... 15 1.2.3.Outsourcing and modularity ............................................................. 17 1.3. Covid-19 impact and how to recover
    [Show full text]
  • Read the Report
    26 Feb 2020 CMB International Securities | Equity Research | Company Update GAC Group (2238 HK) BUY (Maintain) Promising performance after the epidemic Target Price HK$10.91 (Previous TP HK$9.05) Up/Downside +17.81% We raised our 2019E bottom-line forecast by 11.5% based on the published Current Price HK$9.26 sales volume for 2019. In the meanwhile, we take into account the impact of the COVID-19 outbreak on 2020E and lower our 2020E top-line forecast by 6.2%. China Auto Sector However, we believe that delayed demand, strong product pipeline, and policy support will make GAC’s sales volume soar after the epidemic. We maintain BUY Jack Bai rating and upgrade our TP to HK$10.91 from HK$9.05. (852) 3900 0835 [email protected] GAC Group sold 2.06 mn units in 2019, down 4.0% YoY, missing its sales target of 2.22 mn. Prior to the epidemic outbreak, GAC set its 2020E sales target to be 2.22 mn units, with a target growth rate of 8% YoY. The Company's market share in 2019 increased from 7.64% to 8.01%. In the past Stock Data five years, its market share has expanded by 3 ppts. We believe that good Mkt Cap (mn) 121,888 product quality and excellent supply chain management will lead to further 3-mth average daily 229.40 market share expansion. We forecast its total sales volume to be 2.14 mn in turnover (mn) 52-week high/low 10.60/ 6.95 2020E with an increase of 3.6% YoY.
    [Show full text]
  • Import Sales Get Back on the Gas in July After Slow June
    18 Monday, August 20, 2018 Motoring CHINA DAILY HONG KONG EDITION Short Torque Musk says stress, taking heavy toll Electric car maker Tesla’s CEO Elon Musk has admitted in a wide-ranging interview with The New York Times that stress is taking a heavy toll in what he calls an “excruciating year”. Musk stood by his tweet last week saying he might take Tesla private. Reports say government regulators have subpoenaed Tesla as they dig deeper into his disclosure of the potential buyout. Kroger tests driverless grocery deliveries United States supermarket chain Kroger launched a robotic delivery vehicle pilot program on Thursday at its store in Scottsdale, Arizona. A store clerk loaded the back seat with grocery bags while a person in the driver’s seat monitored its performance on route. Under the self-driving service, shoppers can order same-day or next-day delivery online or on a mobile app for a fl at rate of about $6. After the order is placed, a driverless vehicle will deliver the groceries curbside, requiring customers to be present to fetch them. The all-new Lexus ES makes its world premiere at the Auto China 2018 in Beijing. LIU JIAHAO / FOR CHINA DAILY MG forms joint venture with Egyptian dealer British automotive brand MG Motors announced on Import sales get back on Tuesday that it will form a joint venture with Egyptian auto dealer Mansour Group to promote its products in the Egyptian market.Mansour, with the gas in July after slow June 60,000 employees worldwide, will become the exclusive distributor of MG’s products in Egypt after the forming of Cuts to tari s lead to robust growth in market demand the joint venture.
    [Show full text]
  • GAC Group (2238
    2 Nov 2020 CMB International Securities | Equity Research | Company Update G AC Group (2238 HK) BUY (Maintain) 3Q20 performance update Target Price HK$12.1 (Previous TP HK$10.0) Up/Downside +52.8% GAC Group announced its 3Q20 results. In the first three quarters of 2020, Current Price HK$8.0 top-line achieved RMB43.2bn, an increase of 0.3% YoY while NP was RMB5.0bn， a decrease of 21% YoY. In 3Q20, top-line was RMB17.5bn, an increase of 19% China Auto Sector YoY while NP was RMB2.7bn, an increase of 90% YoY. 3Q20 performance beat market estimation. We raise our TP to HK$12.1 (based on 15.0x 2021E P/E) with Jack Bai an upside of 52.8% from initial TP HK$10.0 (based on initial 16.0x average (852) 3900 0835 2020E/21E P/E). Reiterate BUY. [email protected] In 3Q20, GAC achieved total sales of 98,860 units, an increase of 10% YoY. Unit revenue increased by 9% YoY, which led to a 19% YoY growth in Stock Data Mkt Cap (HK$ mn) top-line. GPM was 5.2%, down 0.8ppt YoY/1.5ppt QoQ. Exp ratio achieved a 135,195 YoY decline thanks to strong cost control measures (S&D ratio -1.3ppt YoY, Avg 3 mths t/o (HK$ mn) 220.35 Admin ratio -1.5ppt YoY, R&D ratio -1.2ppt YoY). Due to top-line growth and 52w High/Low (HK$) 9.85/5.48 expense saving, 3Q20 core profit (loss) narrowed by 13% YoY.
    [Show full text]
  • Automotive Third Party Logistics in China
    FACULTY OF ENGINEERING AND SUSTAINABLE DEVELOPMENT Automotive third party logistics in China Helge Ketels September 2011 Master’s Thesis in Logistics and Innovation Management Supervisor: Roland Hellberg Examiner: Lars Bengtsson Abstract This Master’s thesis concentrates on the investigation of the automotive third party logistics (3PL) industry in China. Therefore the overall aim of this thesis is the investigation of the Chinese 3PL environment with the focus on automotive industry. In order to clarify this aim, following four research objectives are set: 1) Identify barriers and conditions of the 3PL market, taking automotive market as an example market for 3PL services. 2) Identify market specific logistics services and compare different logistics services providers in this environment. 3) Assess the Chinese industrial structures and their impact on foreign enterprises and create an actual picture of the automotive industry. 4) Detect industrial structures’ influences on logistics services competition. Such a research is important as existing research focused on these objectives is extremely rare or not present. The research objectives are solved by a multi-method approach. In wide areas this thesis is a descriptive study. Thus barriers and conditions of the 3PL market, taking automotive market as an example market for 3PL services, are identified in an extensive literature review and combined with findings from interviews. These interviews are performed in a case company which is active in the Chinese automotive 3PL market. Many important characteristics and circumstances which can mainly be seen as barriers for logistics business are identified in the areas of Infrastructure and equipment, Supply and demand of logistics services, Importance of relationships, Legal issues and Staff requirements.
    [Show full text]
  • Position Paper Portfolio Weight 1 TENCENT ORD
    Position Paper Portfolio weight 1 TENCENT ORD 17.813 % 2 ALIBABA GROUP HOLDING ADR REP 1 ORD 15.896 % 3 MEITUAN DIANPING-CLASS B 3.889 % 4 JD.COM ADR REP 2 CL A ORD 3.100 % 5 BAIDU ADR REP 1/10 CL A ORD 2.742 % 6 CCB ORD H 2.681 % 7 PING AN ORD H 2.633 % 8 NIO ADS REP 1 CL A ORD 2.117 % 9 KE HLDGS INC SPONSORED ADS 2.023 % 10 ICBC ORD H 1.751 % 11 NETEASE ADR REP 25 ORD 1.508 % 12 WUXI BIOLOGICS CAYMAN INC 1.388 % 13 LUFAX HOLDING LTD 1.331 % 14 CM BANK ORD H 1.137 % 15 TAL EDUCATION GRP 3 ADR REP CL A ORD 1.093 % 16 BANK OF CHINA ORD H 1.055 % 17 XIAOMI Corp-B 1.035 % 18 NEW ORIENTL EDUCTN GRP ADR REP 1 ORD 0.958 % 19 BILIBILI ADS 0.901 % 20 BEIGENE LTD-ADR 0.831 % 21 TCOM 0.805 % 22 VIPSHOP HOLDGS SPON ADS REP 0.20 ORD 0.735 % 23 LI AUTO INC - ADR 0.656 % 24 GDS HOLDINGS LIMITED ADR 0.655 % 25 ZTO EXPRESS CAYMAN ADR REP CL A ORD 0.643 % 26 BYD COMPANY ORD H 0.634 % 27 SUNNY OPTICAL ORD 0.603 % 28 SHENZHOU INTL ORD 0.592 % 29 XPENG INC ADS 0.588 % 30 ANTA SPORTS ORD 0.571 % 31 CHINA LIFE ORD H 0.566 % 32 TENCENT MUSC ENT ADR REP 2 CL A ORD 0.560 % 33 MENGNIU DAIRY ORD 0.532 % 34 Pinduoduo ADR Representing 4 Ord Shs 0.527 % 35 SINOPEC CORP ORD H 0.497 % 36 CHINA RES LAND ORD 0.490 % 37 GSX TECHEDU INC- ADR 0.475 % 38 Li Ning Co Ltd 0.464 % Position Paper Portfolio weight 39 ZAI LAB LTD ADR 0.462 % 40 KINGSOFT CLO-ADR 0.452 % 41 CHINA OVERSEAS ORD 0.439 % 42 CPIC ORD H 0.432 % 43 BOC HONG KONG HOLDINGS LTD 0.429 % 44 ENN ENERGY ORD 0.419 % 45 COUNTRY GARDEN SERVICES 0.413 % 46 COUNTRY GARDEN ORD 0.403 % 47 NONGFU SPRING CO LTD H 0.390 %
    [Show full text]
  • China Annex VI
    Annex I. Relations Between Foreign and Chinese Automobile Manufacturers Annex II. Brands Produced by the Main Chinese Manufacturers Annex III. SWOT Analysis of Each of the Ten Main Players Annex IV. Overview of the Location of the Production Centers/Offices of the Main Chinese Players Annex V. Overview of the Main Auto Export/Import Ports in China Annex VI. An Atlas of Pollution: The World in Carbon Dioxide Emissions Annex VII. Green Energy Vehicles Annex VIII. Further Analysis in the EV vehicles Annex IX. Shifts Towards E-mobility Annex I. Relations Between Foreign and Chinese Automobile Manufacturers. 100% FIAT 50% Mitsubishi Guangzhou IVECO 50% Beijing Motors 50% Hyundai 50% GAC Guangzhou FIAT GAC VOLVO 91.94% Mitsubishi 50% 50% 50% 50% 50% (AB Group) Guangzhou BBAC 50% Hino Hino Dongfeng DCD Yuan Beiqi 50% 50% NAVECO Invest Dongfeng NAC Yuejin 50% Cumins Wuyang 50% Guangzhou GAC Motor Honda 50% Yuejin Beiqi Foton Toyota 50% Cumins DET 50% 55.6% 10% 20% 50% Beiqi DYK 100% Guangzhou Group Motors 50% 70% Daimler Toyota 30% 25% 50% 65% Yanfeng SDS shanghai 4.25% 100% 49% Engine Honda sunwin bus 65% 25% visteon Holdings Auto 50% (China) UAES NAC Guangzhou 50% Beilu Beijing 34% Denway Automotive 50% Foton 51% 39% motorl Guangzhou 50% Shanghai Beiqi Foton Daimler 100% 30% 50% VW BAIC Honda Kolben 50% 90% Zhonglong 50% Transmission 50% DCVC schmitt Daimler Invest 100% 10% Guangzhou piston 49% DFM 53% Invest Guangzhou Isuzu Bus 100% Denway Beiqi 33.3% Bus GTE GTMC Manafacture xingfu motor 50% 20% SAIC SALES 100% 20% 100% 100% DFMC 100% Shanghai
    [Show full text]