DOCSLIB.ORG

Company Report: Guangzhou Automobile (02238

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Company Report: Guangzhou Automobile (02238 Company Report: Guangzhou Automobile Group (02238 HK) Toliver Ma 马守彰 公司报告：广州汽车集团 (02238 HK) +852 25095317 [email protected] 国泰君安研究 16 February 2017 Engine Powering up for Major Brands, Initiate “Accumulate” 主要品牌发力,首次覆盖并给予“收集”的投资评级 GTJA Research GTJA th Being the 6 largest automaker in China, GAC displayed the fastest rate Rating: Accumulate of growth among the top 6 automakers in China, with 2016 growth rate Initial at 26.9%. In 2016, its own Trumpchi brand and joint venture with Fiat Chrysler 评级： 收集 (首次研究) fuelled growth for the Company; we expect this trend to continue in 2017 and 2018 albeit in a less significant manner. We expect sales of passenger vehicles to increase 26.3%, 22.5% and 7.3% yoy in 2016 to 2018, 6-18m TP 目标价: HK$13.96 respectively. Basic EPS forecasted to increase 48.8%, 11.9% and 9.3% yoy in 2016 to Share price 股价： HK$12.900 2018, respectively. Significant improvement expected in 2016 due to the upturn from GAMC’s Trumpchi and GAC FCA’s Jeep. Both brands are to contribute a full year of profit in 2016 and sustain profit-making in 2017 to Stock performance 股价表现 2018. However, we forecast slower growth in 2017 and 2018 as we see 110.0 growth from GAMC and FCA normalized, and with Honda’s and Toyota’s % of return expansion plans to remain conservative. 90.0 70.0 Initiate TP at HK$13.96 with an “Accumulate”investment rating, which 50.0 represents 11.4x/10.4x 2017/2018 PER and 1.34x/1.29x 2017/2018 PBR. 30.0 We think that GAC’s valuation is still attractive, despite their stock price 10.0 rallying 88.0% since Jan. 2016, as 1) GAC has exhibited strong earnings potential and 2) GAC has been trading under its peers’ weighted average (10.0) ) HK PER since Sep. 2016, therefore, we see the current share price as an (30.0) 38 (50.0) accumulation opportunity. 22 Feb-16 May-16 Aug-16 Nov-16 Feb-17 0 ( 作为中国 6 大汽车制造商，广州汽车的 2016 年汽车销售增长达 26.9％，为 6 大车企最快。 HSI Guangzhou Auto-H 在 2016 年，自主品牌传祺，以及合资公司菲亚特-克莱斯勒为公司带来增长，我们预计这 种趋势将在 2017 年和 2018 年持续，尽管较为温和。我们预计 2016-2018 年乘用车销量 Change in Share Price 1 M 3 M 1 Y 广州汽车 股价变动 1 个月 3 个月 1 年 将分别同比增长 26.3％，22.5％和 7.3％。 Abs. % 23.8 39.9 76.5 绝对变动 % 基本每股收益在 年分别增长 ％， ％和 ％。由于广汽集团乘用车的 2016- 2018 48.8 11.9 9.3 Rel. % to HS index 18.2 32.2 51.0 传祺和广汽菲亚特的 Jeep 在 2016 年有显著改善，这两个品牌在 2016 年全年贡献利润， 相对恒指变动 % Avg. share price(HK$) 并在 年至 年维持。然而，我们预计 年和 年的增长将会放缓，因为 11.4 10.2 9.5 2017 2018 2017 2018 平均股价（港元） 我们预期广汽集团乘用车和广汽菲亚特的增长将正常化，及本田和丰田保守的扩张计划。 Source: Bloomberg, Guotai Junan International. 首予广州汽车“收集”的评级并给予 13.96 港元的目标价，相当于 11.4 倍/10.4 倍的 Auto Group Guangzhou 2017/2018 财年市盈率以及 1.34 倍/1.29 倍的 2017/2018 财年市净率。尽管自 2016 年 1 月以来股价已上涨 88.0％，我们认为广州汽车估值仍具吸引力，因 1）广州汽车表现出 强劲的盈利潜力，及 2）广州汽车自 2016 年 9 月以来一直低于同业的市场加权平均市盈率， 因此，我们认为目前股价有“收集”的机会。 Year End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE 年结 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 12/31 (RMB m) (RMB m) (RMB) (△%) (x) (RMB) (x) (RMB) (%) (%) 2014A 22,383 3,194 0.496 20.4 20.4 5.509 1.8 0.160 1.6 9.2 2015A 29,418 4,212 0.654 31.9 16.4 6.006 1.8 0.200 1.9 11.4 2016F 48,839 6,265 0.974 48.8 11.8 6.687 1.7 0.292 2.5 15.3 2017F 63,580 7,414 1.089 11.9 10.5 9.289 1.2 0.327 2.8 14.0 2018F 67,767 8,547 1.191 9.3 9.6 9.643 1.2 0.357 3.1 12.9 Shares in issue (m) 总股数 (m) 6,454.2 Major shareholder 大股东 GAIG 60.66% Market cap. (HK$ m) 市值 (HK$ m) 83,259.4 Free float (%) 自由流通比率 (%) 39.34 3 month average vol. 3 个月平均成交股数 (‘000) 19,079.7 FY17 Net gearing (%) FY17 净负债/股东资金 (%) Net Cash 52 Weeks high/low (HK$) 52 周高/低 13.240 / 6.630 FY17 Est. NAV (HK$) FY17 每股估值 (港元) 14.69 Source: the Company, Guotai Junan International. Company Report See the last page for disclaimer Page 1 of 27 d Table of Contents Industry Overview 3 Passenger Vehicles ........................................................................................................... 3 2017 ruary Commercial Vehicles ......................................................................................................... 5 16 Feb Company Analysis 6 Shareholder Structure ....................................................................................................... 6 Development History - Three Major Development Stages................................................. 6 Business Composition ....................................................................................................... 7 Revenue and Profit Contribution ....................................................................................... 8 Sales and Market Share .................................................................................................... 9 Guangqi Honda ............................................................................................................... 10 GAC Toyota ..................................................................................................................... 12 GAC Mitsubishi ............................................................................................................... 14 GAC Fiat Chrysler ........................................................................................................... 15 ) 02238 HK 02238 ( Self-owned Brand – Trumpchi ......................................................................................... 16 2016-2018 Sales and Financial Forecasts 19 广州汽车 Revenue and Gross Margin ............................................................................................ 19 Investment Income – Share of Profit from JV .................................................................. 20 Fundraising Activities ...................................................................................................... 23 Guangzhou Auto Group Guangzhou Investment Thesis, Valuation and Risk 23 Company Report See the last page for disclaimer Page 2 of 27 d Industry Overview Passenger Vehicles 2017 A good year for the automobile industry in 2016. According to China Association of Automobile Manufacturers (“CAAM”), ruary China vehicle sales showed double-digit growth in 2016, the highest since 2013. China vehicle sales increased 13.7% yoy in 2016, in which sales growth of passenger vehicles (“PV”) continuously expanded since 4Q15 due to the introduction of the 16 Feb purchase tax cut policy which heavily favored smaller engine displacement vehicles. Along with low base comparison in 2015, PV sales increased 15.1% yoy. Among different types of PV, sales of sedans, MPVs and SUVs increased 3.1%, 18.9% and 46.1% yoy, respectively, while that of cross-overs decreased 21.2% yoy. Due to sturdy demand of SUVs in recent years, SUV sales increased much faster than other types of PVs. This lead to a significant increase of market share of SUVs, which expanded 7.4 ppts since Dec. 2015, the fastest growing sub-segment in the PV market. Figure-1: China Vehicle Sales and Sales Growth Figure-2: China PV Sales and Sales Growth Vehicle sales yoy PV sales yoy Units (Units) 30,000,000 45.5% 50% 30,000,000 52.9% 60% 45% 25,000,000 40% 25,000,000 50% 32.5% 35% 20,000,000 20,000,000 33.3% 40% 24.8% 30% 22.3% 29.6% 15,000,000 25% 15,000,000 22.3% 30% 13.9% 13.7% 20% 10,000,000 15.7% 15% 10,000,000 15.1% 20% 6.6% 4.2% 6.8% 4.6% 10% 6.9% 9.9% 5,000,000 2.7% 7.1% 5.4% 7.2% 5% 5,000,000 10% - 0% - 0% 2006 2008 2009 2010 2012 2013 2014 2016 2007 2011 2015 2006 2007 2008 2009 2011 2012 2013 2015 2016 2010 2014 ) Source: CAAM, Guotai Junan International. Source: CAAM, Guotai Junan International. 02238 HK 02238 ( Figure-3: Sales Growth of Different Types of PV Figure-4: Market Share of Different Types of PV Sedan MPV SUV Crossover Sedan MPV SUV Crossover 100% 5.2% 3.0% 广州汽车 110.0% 9.1% 6.8% 15.6% 14.6% 16.7% 20.7% 90.0% 80% 11.2% 12.9% 29.4% 36.8% 3.4% 3.2% 7.3% 70.0% 9.7% 60% 10.0% 50.0% 10.3% 30.0% 40% 69.8% 69.4% 67.0% 62.8% Auto Group Guangzhou 55.4% 10.0% 50.0% 20% -10.0% 2006 2007 2008 2009 2010 2012 2013 2014 2016 2015 2011 0% -30.0% 2011 2012 2013 2014 2015 2016 -50.0% Source: CAAM, Guotai Junan International. Source: CAAM, Guotai Junan International. Market share of self-owned brands rebounded. According to CAAM, sales of self-owned branded PVs increased 20.8% yoy in 2016, faster than other brands and the industry average. As a result, market share of self-owned brands increased 1.6 ppts to 42.8% since Dec. 2015. PV sales of self-owned brands increased rapidly in recent years due to 1) its swift decision to heavily invest in SUVs, 2) a major beneficiary from the purchase tax cut policy due to its high product exposure to engine displacements below 1.6L vehicles and 3) higher price performance ratio compared to foreign OEM. Meanwhile, growth of Japanese, German and American brands in 2016 have been roughly aligned with the industry, demonstrating growth from 13.8% to 15.8%, and thus market share has remained stable for those brands. Underperformers in 2016 were Korean and French brands, in which growth increased 7.2% and decreased 14.7% yoy, respectively. Both brands suffered due to a lack of investment in products, including lower localization of models and failing to meet consumer’s preferences. They faced fierce competition mainly from Japanese and German brands in the mid- to high–end market, as well as self-owned brands in the lower end. Company Report See the last page for disclaimer Page 3 of 27 d Figure-5: Market Share of Different Nationalities of Figure-6: Growth in Different Nationalities of Automakers Automakers 2013 2014 2015 2016 2013 2014 2015 2016 2017 42.8% 41.2% 45% 40.4% 40.0% 38.3% 40% ruary 35% 30.0% 30% 20.8% 16 Feb 25% 20.0% 15.8% 15.2% 20.0% 19.1% 18.9% 13.8% 18.8% 16.1% 15.9% 15.8% 20% 15.7% 12.8% 12.6% 7.2% 12.3% 15% 12.2% 10.0% 9.0% 8.9% 8.0% 10% 7.3% 3.7% 3.5% 3.1% 5% 2.6% 0.0% 0.4% 0.4% 0.2% 0.0% Self Japanese German American Korean French 0% owned -10.0% Self owned Others French Korean -14.7% German -20.0% American Japanese Source: CAAM, Guotai Junan International.
Load more

Recommended publications
  • OSB Representative Participant List by Industry
    OSB Representative Participant List by Industry Aerospace • KAWASAKI • VOLVO • CATERPILLAR • ADVANCED COATING • KEDDEG COMPANY • XI'AN AIRCRAFT INDUSTRY • CHINA FAW GROUP TECHNOLOGIES GROUP • KOREAN AIRLINES • CHINA INTERNATIONAL Agriculture • AIRBUS MARINE CONTAINERS • L3 COMMUNICATIONS • AIRCELLE • AGRICOLA FORNACE • CHRYSLER • LOCKHEED MARTIN • ALLIANT TECHSYSTEMS • CARGILL • COMMERCIAL VEHICLE • M7 AEROSPACE GROUP • AVICHINA • E. RITTER & COMPANY • • MESSIER-BUGATTI- CONTINENTAL AIRLINES • BAE SYSTEMS • EXOPLAST DOWTY • CONTINENTAL • BE AEROSPACE • MITSUBISHI HEAVY • JOHN DEERE AUTOMOTIVE INDUSTRIES • • BELL HELICOPTER • MAUI PINEAPPLE CONTINENTAL • NASA COMPANY AUTOMOTIVE SYSTEMS • BOMBARDIER • • NGC INTEGRATED • USDA COOPER-STANDARD • CAE SYSTEMS AUTOMOTIVE Automotive • • CORNING • CESSNA AIRCRAFT NORTHROP GRUMMAN • AGCO • COMPANY • PRECISION CASTPARTS COSMA INDUSTRIAL DO • COBHAM CORP. • ALLIED SPECIALTY BRASIL • VEHICLES • CRP INDUSTRIES • COMAC RAYTHEON • AMSTED INDUSTRIES • • CUMMINS • DANAHER RAYTHEON E-SYSTEMS • ANHUI JIANGHUAI • • DAF TRUCKS • DASSAULT AVIATION RAYTHEON MISSLE AUTOMOBILE SYSTEMS COMPANY • • ARVINMERITOR DAIHATSU MOTOR • EATON • RAYTHEON NCS • • ASHOK LEYLAND DAIMLER • EMBRAER • RAYTHEON RMS • • ATC LOGISTICS & DALPHI METAL ESPANA • EUROPEAN AERONAUTIC • ROLLS-ROYCE DEFENCE AND SPACE ELECTRONICS • DANA HOLDING COMPANY • ROTORCRAFT • AUDI CORPORATION • FINMECCANICA ENTERPRISES • • AUTOZONE DANA INDÚSTRIAS • SAAB • FLIR SYSTEMS • • BAE SYSTEMS DELPHI • SMITH'S DETECTION • FUJI • • BECK/ARNLEY DENSO CORPORATION
    [Show full text]
  • Notice Regarding Change in Specified Subsidiary
    [Translation] May 17, 2018 To: Shareholders of Honda Motor Co., Ltd. From: Honda Motor Co., Ltd. 1-1, Minami-Aoyama 2-chome, Minato-ku, Tokyo, 107-8556 Takahiro Hachigo President and Representative Director Notice Regarding Change in Specified Subsidiary Honda Motor Co., Ltd. (“the Company”) hereby announces that it has decided to transfer all of its shares in Honda Automobile (China) Co., Ltd. (“CHAC”), a consolidated subsidiary of the Company, to Guangqi Honda Automobile Co., Ltd. (“GHAC”), and that it has executed a share transfer agreement with GHAC. 1. Reason for change In order to implement reorganization of its automobile business in China and improve business operational efficiency, the Company decided to transfer its shares in CHAC, which is a specified subsidiary of the Company, to GHAC. 2. Outline of specified subsidiary (1) Company name Honda Automobile (China) Co., Ltd. (CHAC) No. 363, Kai Chuang Da Dao, East Section (2) Registered office Guangzhou Economic & Technological Development District Guangzhou Guangdong People’s Republic of China Name of (3) Yasuhide Mizuno, Chairman representative Description of (4) Automobile business (production) business (5) Capital US$ 82 million (6) Date of establishment September 8, 2003 Honda Motor Co., Ltd. 55.0% Major shareholders Guangzhou Auto Group Co., Ltd. 25.0% (7) and ownership Honda Motor (China) Investment Co., Ltd. (“HMCI”) 10.0% percentage Dongfeng Motor Group Co., Ltd. 10.0% CHAC is a consolidated subsidiary of the Company in Capital which the Company has a 55.0% equity interest
    [Show full text]
  • All-New Electric SUV AIRTREK Teased at Auto Shanghai 2021
    4/19/2021 No.1325 All-New Electric SUV AIRTREK Teased at Auto Shanghai 2021 Tokyo, April 19, 2021 – MITSUBISHI MOTORS CORPORATION (MMC) announced that GAC Mitsubishi Motors Co., Ltd. (GMMC)1, MMC’s vehicle production and sales joint venture in China, today teased the all-new electric SUV AIRTREK at Auto Shanghai 20212. 1. A joint venture between Guangzhou Automobile Group Co., Ltd. (GAC), Mitsubishi Corporation and MMC. 2. Officially called The 19th Shanghai International Automobile Industry Exhibition. April 19 and 20 are Press Days, and April 21 to 23 are Trade Days. The show is open to the public from April 24 to 28. The exhibition is held at the National Exhibition and Convention Center (Shanghai). The all-new AIRTREK is based on the concept of an “e-cruising SUV” founded on three keywords: “Electric (electric vehicle),” “Expanding (expanding life’s pleasures with a car)” and “Expressive (expressing the uniqueness of MITSUBISHI MOTORS).” It generates an image of advanced sophistication fit for an EV while incorporating MMC’s consistent design identity, represented by its Dynamic Shield front design concept, and is styled to express the powerful performance expected of a Mitsubishi vehicle. “We have developed the AIRTREK as an SUV that enables customers to enjoy limitless adventures,” said John Signoriello, executive officer, responsible for global marketing and sales, MMC. “Designed exclusively for the Chinese market, the all-new AIRTREK will be launched by the end of this year as the fourth model of MITSUBISHI MOTORS’ lineup in China. With the addition of this electric vehicle, we aim to contribute to creating a sustainable mobility society.” # # # -1- .
    [Show full text]
  • 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]
  • 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
    [Show full text]
  • Fulbright-Hays Seminars Abroad Automobility in China Dr. Toni Marzotto
    Fulbright-Hays Seminars Abroad Automobility in China Dr. Toni Marzotto “The mountains are high and the emperor is far away.” (Chinese Proverb)1 Title: The Rise of China's Auto Industry: Automobility with Chinese Characteristics Curriculum Project: The project is part of an interdisciplinary course taught in the Political Science Department entitled: The Machine that Changed the World: Automobility in an Age of Scarcity. This course looks at the effects of mass motorization in the United States and compares it with other countries. I am teaching the course this fall; my syllabus contains a section on Chinese Innovations and other global issues. This project will be used to expand this section. Grade Level: Undergraduate students in any major. This course is part of Towson University’s new Core Curriculum approved in 2011. My focus in this course is getting students to consider how automobiles foster the development of a built environment that comes to affect all aspects of life whether in the U.S., China or any country with a car culture. How much of our life is influenced by the automobile? We are what we drive! Objectives and Student Outcomes: My objective in teaching this interdisciplinary course is to provide students with an understanding of how the invention of the automobile in the 1890’s has come to dominate the world in which we live. Today an increasing number of individuals, across the globe, depend on the automobile for many activities. Although the United States was the first country to embrace mass motorization (there are more cars per 1000 inhabitants in the United States than in any other country in the world), other countries are catching up.
    [Show full text]
  • Guangzhou Automobile Group
    China / Hong Kong Company Guide Guangzhou Automobile Group Version 6 | Bloomberg: 2238 HK Equity | 601238 CH Equity | Reuters: 2238.HK | 601238.SS Refer to important disclosures at the end of this report DBS Group Research . Equity 7 May 2019 Japanese JCEs leading growth H: BUY Last Traded Price (H) ( 7 May 2019):HK$8.14(HSI : 29,363) More clarity on JVs future strategy. Guangzhou Auto (GAC) and its Price Target 12-mth (H):HK$9.60 (17.9% upside) (Prev HK$17.86) Japanese JCE partners have agreed on key priorities to grow the business. The medium-term plans include capacity expansion and new A: HOLD model development (both traditional and new energy vehicles). Last Traded Price (A) ( 7 May 2019):RMB11.61(CSI300 Index : 3,721) Price Target 12-mth (A):RMB11.30 (2.7% downside) (Prev RMB21.71) Another key factor is that both partners have agreed to maintain the current shareholding structure, hence removing uncertainties. The Analyst Rachel MIU+852 36684191 [email protected] Japanese auto brands have gained market share from 15.6% in December 2016 to 19% in February 2019 aided by their product What’s New range, pricing, and proactive business strategy. Despite the tough • More clarity on development of Japanese JCEs, key 1Q19 auto market, GAC’s Japanese JCEs managed to chalk up strong earnings driver in the future volume sales growth and decent profit contributions to the group. • Self-brand going through short-term adjustment and Where we differ? We expect normalisation of Trumpchi sales to have should start to normalise in 2H19 a meaningful impact on earnings, on anticipation of a recovery in • Maintain BUY, TP revised down slightly to HK$9.60 the PV market in 2H19.
    [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]
  • CHINA CORP. 2015 AUTO INDUSTRY on the Wan Li Road
    CHINA CORP. 2015 AUTO INDUSTRY On the Wan Li Road Cars – Commercial Vehicles – Electric Vehicles Market Evolution - Regional Overview - Main Chinese Firms DCA Chine-Analyse China’s half-way auto industry CHINA CORP. 2015 Wan Li (ten thousand Li) is the Chinese traditional phrase for is a publication by DCA Chine-Analyse evoking a long way. When considering China’s automotive Tél. : (33) 663 527 781 sector in 2015, one may think that the main part of its Wan Li Email : [email protected] road has been covered. Web : www.chine-analyse.com From a marginal and closed market in 2000, the country has Editor : Jean-François Dufour become the World’s first auto market since 2009, absorbing Contributors : Jeffrey De Lairg, over one quarter of today’s global vehicles output. It is not Du Shangfu only much bigger, but also much more complex and No part of this publication may be sophisticated, with its high-end segment rising fast. reproduced without prior written permission Nevertheless, a closer look reveals China’s auto industry to be of the publisher. © DCA Chine-Analyse only half-way of its long road. Its success today, is mainly that of foreign brands behind joint- ventures. And at the same time, it remains much too fragmented between too many builders. China’s ultimate goal, of having an independant auto industry able to compete on the global market, still has to be reached, through own brands development and restructuring. China’s auto industry is only half-way also because a main technological evolution that may play a decisive role in its future still has to take off.
    [Show full text]
  • 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)
    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) 2016 INTERIM RESULTS ANNOUNCEMENT I. IMPORTANT NOTICE (I) The Board, the supervisory committee and the directors, supervisors and senior management of the Company warrant that the contents contained herein are true, accurate and complete. There are no false representations or misleading statements contained in or material omissions from this announcement, and they will jointly and severally accept responsibility. (II) All directors of the Company have attended the meetings of the Board. (III) The interim financial report of the Company is unaudited. The Audit Committee of the Company has reviewed the unaudited interim results of the Company for the six months ended 30 June 2016 and agreed to submit it to the Board for approval. (IV) Zhang Fangyou, the Chairman of the Company, Zeng Qinghong, the General Manager of the Company, Wang Dan, the person in charge of accounting function and Li Canhui, the manager of the accounting department (Chief of Accounting), warrant the truthfulness, accuracy and completeness of the financial report contained in this announcement. (V) The Board of the Company proposed payment of interim dividend of RMB0.8 (tax inclusive) in cash for every 10 shares to all shareholders.
    [Show full text]
  • Understanding Auto Fincos
    Global Research 18 March 2019 Fundamental Analytics Equities Behind the numbers: Autos Global Valuation, Modelling & Accounting Geoff Robinson, CA FCA Analyst [email protected] +44-20-7567 1706 Julian Radlinger, CFA Analyst [email protected] +44-20-7568 1171 Renier Swanepoel Analyst [email protected] +44-20-7568 9025 Patrick Hummel, CFA Analyst [email protected] +41-44-239 79 23 Guy Weyns, PhD Analyst We launch the second of our series of collaborative sector analyses … [email protected] The Fundamental Analytics team has teamed up with the UBS Global Auto Sector team +65-6495 3507 (17 analysts across six regions) to deliver the second in its series of collaborative reports Paul Gong (see the first one on pharmaceuticals here). This report focuses on all things Autos. It is Analyst written to (1) provide investors new to Autos with an exhaustive overview of everything [email protected] that's relevant to understand the sector from an industry and company perspective, (2) +852-2971 7868 help new and seasoned investors alike frame their financial statement and earnings Colin Langan, CFA quality analysis, and (3) provide a guide to the most commonly used accounting Analyst practices and pitfalls specific to the sector, how to spot them, interpret and adjust for [email protected] +1-212-713 9949 them. This report is the go-to Global Auto sector hand-book for equity investors. Kohei Takahashi … including a detailed global sector run-through … Analyst Our report starts with a ~50-page sector primer written on the basis of the combined [email protected] expertise and wealth of resources of the UBS Global Auto Sector team.
    [Show full text]