China Auto Sector
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved
19-D-1254 March 27, 2020 Green Loan Evaluation by Japan Credit Rating Agency, Ltd. Japan Credit Rating Agency, Ltd. (JCR) announces the following Green Loan Evaluation Results. JCR Assigned Green 1 to Daiwa Green Finance Program Trust ABL for Iwamizawa and Kushiro Solar Power Generation Facilities Daiwa Green Finance Program Trust ABL Subject : (Iwamizawa and Kushiro Solar Power Generation Facilities) Type : ABL Amount : JPY 2.2 billion Date of Loan Execution : March 27, 2020 Final Repayment Date : June 30, 2036 Redemption Method : Schedule repayment Use of Proceeds : Funds for the acquisition of solar power generation facilities <Green Loan Evaluation Results> Overall evaluation Green 1 Greenness Evaluation g1 (use of proceeds) Management, Operation and m1 Transparency Evaluation Chapter 1: Evaluation Overview Daiwa Energy & Infrastructure Co. Ltd. (the “Company”), a wholly owned subsidiary of Daiwa Securities Group Inc., was established to support the creation of future societies by promoting energy investments and loans based on SDGs and technology. The Company started operations in 2018 with the Energy Investment Division of Daiwa PI Partners Co. Ltd. as its predecessor. The Company aims to provide "new value" and contribute to SDGs by investing in renewable energy, infrastructure, and resources. As of September 2019, about 50% of the Company’s investments are renewable energy, including domestic and overseas solar power generation facilities. The Company intends to continue to actively invest in this field. To date, it has developed approximately 103MW of solar power generation facilities and 13MW of biomass power plants and all completed renewable energy projects have been operating stably. The environmental initiatives through renewable energy have been steadily implemented. -
Business Strategy
Corporate Summary Executive Messages Business Strategy Summary of the Daiwa Securities Group’s Medium-Term Management Plan Business “Passion for the Best” 2014 14 Strategy Interview with the CEO 16 Message from the COO 20 Management Systems At a Glance 22 Retail Division 24 Wholesale Division 26 Asset Management Division 28 Investment Division 30 IT/Think Tank Division 31 Financial Section Other Information Daiwa Securities Group Annual Report 2013 13 Summary of the Daiwa Securities Group’s Medium-Term Management Plan “Passion for the Best” 2014 Daiwa Securities Group Management Vision • To become Asia’s leading financial services firm possessing and leveraging a solid business platform in Japan • Establish a robust business structure capable of securing profit even under stressful economic conditions Daiwa Securities Group Basic Management Policy • Achieve sustainable growth by linking Japan and the growth of Asia Outline of Medium-Term Management Plan • Establish a robust business structure immune to the external environment and aspire to achieve sound growth based on a new growth strategy “Passion for the Best” 2014 Milestones FY2012 Turnaround FY2013 Growth Management Targets Consolidated Ordinary Income [Initial FY] Return to Profitability Basic Policy I: Return to profitability by pursuing management efficiencies (Focus of execution in the first fiscal year) R Steadily implement the plan to reduce SG&A R Realize greater organizational efficiencies by shifting personnel from the middle and back offices to the front divisions Basic -
Published on July 21, 2021 1. Changes in Constituents 2
Results of the Periodic Review and Component Stocks of Tokyo Stock Exchange Dividend Focus 100 Index (Effective July 30, 2021) Published on July 21, 2021 1. Changes in Constituents Addition(18) Deletion(18) CodeName Code Name 1414SHO-BOND Holdings Co.,Ltd. 1801 TAISEI CORPORATION 2154BeNext-Yumeshin Group Co. 1802 OBAYASHI CORPORATION 3191JOYFUL HONDA CO.,LTD. 1812 KAJIMA CORPORATION 4452Kao Corporation 2502 Asahi Group Holdings,Ltd. 5401NIPPON STEEL CORPORATION 4004 Showa Denko K.K. 5713Sumitomo Metal Mining Co.,Ltd. 4183 Mitsui Chemicals,Inc. 5802Sumitomo Electric Industries,Ltd. 4204 Sekisui Chemical Co.,Ltd. 5851RYOBI LIMITED 4324 DENTSU GROUP INC. 6028TechnoPro Holdings,Inc. 4768 OTSUKA CORPORATION 6502TOSHIBA CORPORATION 4927 POLA ORBIS HOLDINGS INC. 6503Mitsubishi Electric Corporation 5105 Toyo Tire Corporation 6988NITTO DENKO CORPORATION 5301 TOKAI CARBON CO.,LTD. 7011Mitsubishi Heavy Industries,Ltd. 6269 MODEC,INC. 7202ISUZU MOTORS LIMITED 6448 BROTHER INDUSTRIES,LTD. 7267HONDA MOTOR CO.,LTD. 6501 Hitachi,Ltd. 7956PIGEON CORPORATION 7270 SUBARU CORPORATION 9062NIPPON EXPRESS CO.,LTD. 8015 TOYOTA TSUSHO CORPORATION 9101Nippon Yusen Kabushiki Kaisha 8473 SBI Holdings,Inc. 2.Dividend yield (estimated) 3.50% 3. Constituent Issues (sort by local code) No. local code name 1 1414 SHO-BOND Holdings Co.,Ltd. 2 1605 INPEX CORPORATION 3 1878 DAITO TRUST CONSTRUCTION CO.,LTD. 4 1911 Sumitomo Forestry Co.,Ltd. 5 1925 DAIWA HOUSE INDUSTRY CO.,LTD. 6 1954 Nippon Koei Co.,Ltd. 7 2154 BeNext-Yumeshin Group Co. 8 2503 Kirin Holdings Company,Limited 9 2579 Coca-Cola Bottlers Japan Holdings Inc. 10 2914 JAPAN TOBACCO INC. 11 3003 Hulic Co.,Ltd. 12 3105 Nisshinbo Holdings Inc. 13 3191 JOYFUL HONDA CO.,LTD. -
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. -
Asset Management ・・・・ 29
Spring 2008 Daiwa Securities Group Business Strategy This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact that they do not relate strictly to historic or current facts. These statements discuss future expectations, identify strategies, contain projections of results of operations or of financial condition or state other “forward-looking”information. These statements are based on currently available information and represent the beliefs of the management of the Daiwa Securities Group. These statements are subject to numerous risks and uncertainties that could cause the Daiwa Securities Group’s actual results, performance, achievements or financial condition to differ materially from those described or implied in the forward-looking statements. The Daiwa Securities Group undertakes no obligation to publicly update any forward-looking statements after the date of this presentation. These potential risks and uncertainties include, but are not limited to: competition within the financial services industries in Japan and overseas, our ability to adjust our business focus and to maintain profitable strategic alliances, volatile and sudden movements in the international securities markets, foreign exchange and global economic situations affecting the Daiwa Securities Group. Contents FY07 Financial Summary ・・・・ 3 FY08 Business Strategies Retail ・・・・ 8 Wholesale / Investment ・・・・ 20 Asset Management ・・・・ 29 Topics ・・・・ 32 Dividend Policy ・・・・ 35 2 FY07 Financial -
The Daiwa Securities Group: Present and Future
Daiwa Securities Group Annual Report 2006 The Daiwa Securities Group: Present and Future 12 What are the features of the business structure Q.01 at the Daiwa Securities Group? 14 What strengths does Daiwa Securities capitalize on to win the battle Q.02 for individual financial assets? 16 What are the distinguishing features and strengths of Q.03 Daiwa Securities’ online strategy? 18 What are Daiwa Securities SMBC’s strengths in Q.04 the wholesale securities business? 11 20 What are the Group’s current activities and future strategies Q.05 for the principal investment business? 22 What plans are in place for the alliance with Q.06 Sumitomo Mitsui Financial Group? 24 Q.07 What are the capital allocation and dividend policies? 26 Q.08 What are the plans for new businesses? 28 Group’s New Medium-term Management Plan: “Passion for the Best 2008” The Daiwa Securities Group: Present and Future What are the features of the business structure Q. 01 at the Daiwa Securities Group? A. Business Structure Overview The Daiwa Securities Group is a full line securities group of companies providing diversified financial services under a holding company structure. Daiwa Securities Group Inc. is a pure holding company that coordinates the Group’s overall operations. The Group is engaged in four core businesses: retail securities, wholesale securities, asset management, and investment. Each of these core businesses and other businesses supporting them is led by independent companies in the Group. Daiwa Securities handles the Group’s retail securities business. Serving mainly Japanese individuals and unlisted companies, it provides financial products and services via a domestic network of 117 branches (as of September 4, 2006), as well as online and the call center. -
Asia Pacific Daily
Asia Pacific Daily 30 October 2017 Company Roadshows Date Company Event Venue 30 Oct BOC Aviation (2588 HK) NDR Seoul 1-2 Nov BTS Group (BTS TB) NDR Tokyo 9 Nov Guangdong Investment NDR Beijing, (270 HK) China 20-21 Nov Guangdong Investment NDR Tokyo (270 HK) 23-24 Nov L'Occitane (973 HK) NDR SG Daiwa Asian Events Date Company Venue Major changes Analyst Rating Page 7-10 Nov Daiwa Investment Conference Hong Kong HK 2017 Samsung Engineering (028050 KS) Mike Oh Outperform P.4 20-21 Nov Daiwa Asia Communication Days 2017 London Solid new order recovery likely 7-8 Dec TWSE-Daiwa Taiwan Corporate Day Tokyo Tokyo Target price 21.7% to KRW14,000 2017 Other research 2-5 Jan Daiwa P.U.R.E. Energy Conference 2018 HK 2018 Discovery John Choi P.8 5-9 Mar Daiwa Investment Conference Tokyo 2018 Tokyo Asia Small-cap Weekly 2018 China Construction Bank (939 HK) Yan Li Outperform P.9 Source: Daiwa Starting point for further growth Daiwa: latest rating and target price revisions Ping An Insurance (2318 HK) Leon Qi Hold P.13 Rating Target price 3Q17 results: VNB growth moderates Company Ticker Latest Chg Latest Chg Date China Life Insurance (2628 HK) Leon Qi Buy P.17 Samsng Eng 028050 KS 2 14,000 27-10 2018 jumpstart headwinds may have been Ping An In 2318 HK 3 62.00 27-10 exaggerated Ch Unicom 762 HK 1 13.80 27-10 Ch Con Bk 939 HK 2 8.00 27-10 Baidu (BIDU US) John Choi Hold P.21 China Life 2628 HK 1 31.00 27-10 3Q17: a mixed quarter, feed ads shine, iQiyi Ch Telecom 728 HK 1 4.98 27-10 hiccup CDL REIT CDREIT SP 3 1.61 27-10 China Unicom (762 -
3 Year Target
Mar. 10, 2010 Daiwa Investment Conference Tokyo 2010 Daiwa Securities Group Business Strategy Shigeharu Suzuki, President and CEO Daiwa Securities Group Inc. This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact that they do not relate strictly to historic or current facts. These statements discuss future expectations, identify strategies, contain projections of results of operations or of financial condition or state other “forward-looking”information. These statements are based on currently available information and represent the beliefs of the management of the Daiwa Securities Group. These statements are subject to numerous risks and uncertainties that could cause the Daiwa Securities Group’s actual results, performance, achievements or financial condition to differ materially from those described or implied in the forward-looking statements. The Daiwa Securities Group undertakes no obligation to publicly update any forward-looking statements after the date of this presentation. These potential risks and uncertainties include, but are not limited to: competition within the financial services industries in Japan and overseas, our ability to adjust our business focus and to maintain profitable strategic alliances, volatile and sudden movements in the international securities markets, foreign exchange and global economic situations affecting the Daiwa Securities Group. Contents Current situation of Daiwa Securities Group after the dissolution of JV with -
Review of Operations
daiwa securities group annual report 2009 Review of Operations 21 The Business Environment for the Daiwa Securities Group 24 Retail 24 Daiwa Securities 30 Wholesale & Investment 30 Daiwa Securities SMBC 36 Daiwa Securities SMBC Principal Investments 38 Daiwa SMBC Capital 39 Asset Management 39 Daiwa Asset Management 43 Daiwa SB Investments 45 Research, Consulting and Systems 45 Daiwa Institute of Research Holdings 20 Review of Operations The Business Environment for the Daiwa Securities Group Daiwa Securities Group: Consolidated Ordinary Income and TOPIX (¥ billion) (Points) 300 3,000 200 2,000 100 1,000 Deflationary Public funds injected Deflation ends/ Sub-prime loan problem/ IT bubble economy into Resona Bank economic recovery financial crisis 0 0 –100 –200 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 (Fiscal year) ■ Consolidated ordinary income (left) ■■ TOPIX (right) Impact of the Sub-Prime Loan Issue assets, so the latent risk contained in the overall system steadily increased. Since the sub-prime loan crisis in the US began to emerge, it has grown When they created securitized products from sub-prime loans, the invest- steadily in severity, creating huge losses at many financial institutions and ment banks were able to diversify the risk of the original loans, package eventually triggering a global financial and economic crisis. The roots of this them, and thereby create financial products that earned very high credit rat- financial crisis can be traced to a decision, by major investment banks in the ings. Essentially, these institutions were generating profits by spreading the US and Europe, to alter their business models. -
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 -
Guangzhou Auto Components Forecast Change
Deutsche Bank Markets Research Asia Industry Date Hong Kong 28 April 2017 Automobiles & Guangzhou Auto Components Forecast Change Vincent Ha, CFA Fei Sun, CFA Research Analyst Research Analyst 1Q17 results beat on strong Trumpchi (+852 ) 2203 6247 (+852 ) 2203 6130 and JV contribution; maintain Buy [email protected] [email protected] 99% YoY 1Q17 net profit rise thanks to GS8 SUV and strong JV contribution Key Changes Guangzhou Auto (GAC) released its 1Q17 results under PRC GAAP on 28 April. Company Target Price Rating Gross revenue grew by 66.4% YoY to RMB16.9bn, mainly driven by a 67.3% 2238.HK 14.85 to - 16.20(HKD) YoY jump in Trumpchi local brand sales. The company’s net profit also surged by 98.7% YoY to RMB3.8bn on a 37.9% YoY total passenger vehicle (PV) sales 601238.SS 14.10 to - 15.35(CNY) volume growth. To elaborate, GAC’s 1Q17 gross profit margin improved by Source: Deutsche Bank 3.3ppt YoY to 23.8% with better economy of scale. Meanwhile, GAC recorded 1Q17 operating profit of RMB1.9bn (jumped 1.6x YoY), despite the 57.2% YoY Focus stocks increase in SG&A expenses. On the back of 30.2% YoY sales volume growth at Guangzhou Auto (2238.HK),HKD12.10 Buy Price four major JVs (namely Guangqi Honda, GAC Toyota, GAC Fiat-Chrysler and Target HKD16.20 GAC Mitsubishi) thanks to new SUV models, total 1Q17 earnings contribution Guangzhou Auto-A (601238.SS),CNY25.50 Sell from GAC's JVs and associates grew by 76.3% YoY to RMB2.3bn. -
Annual Report 2 0 Annual Report 1 8 年度報告
Annual Report 2018 年度報告 2238 股份代號: (於中華人民共和國註冊成立的股份有限公司) Important Notice 1. The Board, supervisory committee and the directors, supervisors and senior management of the Company warrant the authenticity, accuracy and completeness of the information contained in the annual report and there are no misrepresentations, misleading statements contained in or material omissions from the annual report for which they shall assume joint and several responsibilities. 2. All directors of the Company have attended meeting of the Board. 3. PricewaterhouseCoopers issued an unqualified auditors’ report for the Company. 4. Zeng Qinghong, the person in charge of the Company, Feng Xingya, the general manager, Wang Dan, the person in charge of accounting function and Zheng Chao, the manager of the accounting department (Accounting Chief), represent that they warrant the truthfulness and completeness of the financial statements contained in this annual report. 5. The proposal for profit distribution or conversion of capital reserve into shares for the reporting period as considered by the Board The Board proposed payment of final cash dividend of RMB2.8 per 10 shares (tax inclusive). Together with the cash dividend of RMB1.0 per 10 shares (including tax) paid during the interim period, the ratio of total cash dividend payment for the year to net profit attributable to the shareholders’ equity of listed company for the year would be approximately 35.66%. 6. Risks relating to forward-looking statements The forward-looking statements contained in this annual report regarding the Company’s future plans and development strategies do not constitute any substantive commitment to investors and investors are reminded of investment risks.