Quote | Super Quote
Super Quote   |   Detail Quote   |   Interactive Chart   |   Real-Time Chart   |   Transaction   |   Related News   |   Related Securities   |   Company Information   |   Dividend Records   |   Short Sell
00425 MINTH GROUP
RTNominal down20.900 -0.150 (-0.713%)
Research Report

11/02/2020 15:28

{I-bank focus}JFE reviews China autos on Coronavirus impact

[ET Net News Agency, 11 February 2020] Jefferies Research said 31% of China's auto
production capacities are located in Hubei and Level 2 impacted regions, and wholesale and
production volume could decline 40-50% and 50-60% in 1Q to form the bottom.
The research house said its base case of a sequential recovery in April means 2Q volume
could increase by 112-160% QoQ. This also implies 1H wholesale and production to decline
by 11% and 16% respectively.
Jefferies kept its FY2020 retail volume at +4% on potentially more auto loans (consumer
credit) given a deflated auto financing penetration in FY2018-19 on deleveraging.
Jefferies is cautiously optimistic about the outlook of the self-owned brands as their
low production utilization (40-60%) could be stretched in 2Q-4Q to make up for the 1Q
dent.
It revised its target prices and ratings for the automakers and dealers as follows:
Name Rating Target Price
----------------------------------------------------------------------
BAIC Motor (01958) BUY HK$5.10 from HK$5.9
Brilliance China (01114) BUY HK$9.20 from HK$10.8
BYD (01211) BUY from HOLD HK$56.50 from HK$37
Dongfeng Group (00489) HOLD HK$6.00
Geely Automobile (00175) BUY HK$17.90 from HK$20.6
Great Wall Motor (02333) BUY HK$7.00
GAC Group (02238) BUY HK$10.50 from HK$12.4
Minth Group (00425) HOLD from BUY HK$28.90 from HK$34.5
Meidong Auto (01268) BUY HK$12.90
Yongda Auto (03669) BUY HK$9.80 from HK$8.80
Zhengtong Auto (01728) HOLD HK$2.70 from HK$3.1
Zhongsheng (00881) UNDERPERFORM HK$24.90 from HK$25.6

(KL)

Remark: Real time quote last updated: 28/05/2020 17:58
  Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service
A Member of HKET Holdings
Customer Service Hotline:(852) 2880 7004     Customer Service Email:cs@etnet.com.hk
Copyright 2020 ET Net Limited. http://www.etnet.com.hk ET Net Limited, HKEx Information Services Limited, its Holding Companies and/or any Subsidiaries of such holding companies, and Third Party Information Providers endeavour to ensure the availability, completeness, timeliness, accuracy and reliability of the information provided but do not guarantee its availability, completeness, timeliness, accuracy or reliability and accept no liability (whether in tort or contract or otherwise) any loss or damage arising directly or indirectly from any inaccuracies, interruption, incompleteness, delay, omissions, or any decision made or action taken by you or any third party in reliance upon the information provided. The quotes, charts, commentaries and buy/sell ratings on this website should be used as references only with your own discretion. ET Net Limited is not soliciting any subscriber or site visitor to execute any trade. Any trades executed following the commentaries and buy/sell ratings on this website are taken at your own risk for your own account.