请选择 进入手机版 | 继续访问电脑版
楼主: bigfoot0517
1757 6

[外行报告] 摩根大通:中国汽车行业研究报告2009年8月 [推广有奖]

  • 1关注
  • 21粉丝

学术权威

21%

还不是VIP/贵宾

-

威望
6
论坛币
12493617 个
通用积分
2.6112
学术水平
391 点
热心指数
369 点
信用等级
405 点
经验
28609 点
帖子
2147
精华
2
在线时间
242 小时
注册时间
2006-11-15
最后登录
2019-1-31

相似文件 换一批

+2 论坛币
k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群
赵安豆老师微信:zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

感谢您参与论坛问题回答

经管之家送您两个论坛币!

+2 论坛币
China autos seeing accelerating sales growth: In our report, “Staging
a stronger than expected recovery in FY09”, we were looking for 24%
Y/Y growth in China’s passenger vehicle sales in FY09 due to: (1) a
series of supportive policies; and (2) China urban households’ real
disposable income growth started to rise in 4Q FY08. Now, in light of
China’s surprisingly strong car sales data for the seasonally slack season
of July, and our on-the-ground check with car dealers, we increase our
FY09 and FY10 sales forecasts for passenger vehicles by 12% and 14%,
respectively. We now expect China’s passenger vehicle sales to rise 38%
Y/Y in FY09. Notably, the 19 key Chinese auto groups' net margin has
risen from 2.9% in Jan-Feb FY09 to 8.9% in May-June 09 .
• Raising China auto sector’s earnings estimates, but downgrading the
sector rating: In light of the stronger-than-expected demand, we raise
our FY09 and FY10 earnings estimates for Dongfeng Motor by 3.3%,
and 10%, and for Denway Motors by 11%, and 20%, respectively, to
mainly factor in our higher sales volume, and margin forecasts. Despite
the upward earnings revision, we downgrade our rating on China’s
passenger vehicle sector from OW to Neutral. We maintain OW on
Dongfeng Motor, but take it off the AFL, downgrade Minth and Great
Wall Motor from OW to Neutral, and downgrade Denway from Neutral
to UW. Our downgrades mainly reflect: (1) the sharp rise in China auto
stocks’ share prices, which have reflected the sharp improvement in their
sales, and earnings; (2) the uncertainty on whether the government will
renew the vehicle purchase tax for vehicles with an engine size of 1.6
liters and below; and (3) the possible negative impact on car sales from
the recent correction in the domestic stock market.
• We maintain DongFeng Motor as our top pick, and our Jun-10 PT of
HK$10.3 is based on two standard deviations above its median historical
12-month forward P/E ratio, translating into 2.5x FY10E P/B. We
maintain our Jun-10 PT of HK$3.85 for Denway, based on 10.6x FY10E
P/E, a 10% premium over its average prospective P/E of 9.6x since 1998
when its 50% owned Guangzhou Honda started to produce cars.
二维码

扫码加我 拉你入群

请注明:姓名-公司-职位

以便审核进群资格,未注明则拒绝

关键词:汽车行业研究报告 行业研究报告 研究报告 汽车行业 摩根大通 中国 研究报告 行业 汽车 摩根大通

j 中国汽车 8.pdf

574.69 KB

需要: 65535 个论坛币  [购买]

innrrl 发表于 2009-9-9 14:28:02 |显示全部楼层 |坛友微信交流群
大哥啊
这价钱

使用道具

jinniz 发表于 2009-9-10 09:46:46 |显示全部楼层 |坛友微信交流群
这是纯心不让人下载啊?~!

使用道具

what do you want ?

使用道具

chAn33 发表于 2009-10-10 08:08:36 |显示全部楼层 |坛友微信交流群
LZ,不小心输错了把...

使用道具

opoca 发表于 2009-10-10 13:00:53 |显示全部楼层 |坛友微信交流群
明顯不給人買的

使用道具

opoca 发表于 2009-10-10 13:06:10 |显示全部楼层 |坛友微信交流群
明顯不給人買的

使用道具

您需要登录后才可以回帖 登录 | 我要注册

本版微信群
加JingGuanBbs
拉您进交流群

京ICP备16021002-2号 京B2-20170662号 京公网安备 11010802022788号 论坛法律顾问:王进律师 知识产权保护声明   免责及隐私声明

GMT+8, 2024-3-29 08:40