[I-bank focus]JP Morgan starts BAIC Motor (01958) at HK$14.5

    J.P. Morgan initiated coverage on BAIC Motor (01958) with an "overweight" rating and a target price of HK$14.5.
  The research house likes the company for its powerful model cycle from its excusive JV with Daimler while Hyundai Motor JV provides solid earnings through better mix. Narrowing loss from own-brand business is also encouraging. The company's expected 45% dividend payout also differentiates it from peers.