[ET Net News Agency, 15 February 2018] BAIC Motor Corp (01958) issued a profit warning
saying that its NPAT would decline 65% YoY. Macquarie Research noted that this implies EPS
of Rmb0.29/share, well below the research house's estimate of Rmb0.41, which was well
below Bloomberg consensus of Rmb0.54 (now Rmb0.51 as a few analysts cut the numbers
overnight).
Macquarie maintained its cautious "neutral" rating and HK$10.7 target price on BAIC. It
believes that BAIC's earnings will likely rebound in 2018 as profits from the Hyundai JV
partially recovery, but much depends on a sustained and radical restructuring of the local
brands, including selling weak brands like Wevan.
The research house said the Mercedes-Benz line-up is maturing, and there is limited
upside to BBAC's high margins. (KL)
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01958 BAIC MOTOR
Nominal 
2.240 +0.040 (+1.818%) Others
15/02/2018 13:51
[I-bank focus]BAIC Motor's earnings likely rebound in 2018
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