[I-bank focus]CS lifts Dongfeng Motor (00489) to HK$9

    Credit Suisse lifted its target price for Dongfeng Motor Group (00489) to HK$9 from HK$8.2 and maintained its "outperform" rating.
  The research house said Dongfeng's passenger vehicle wholesales (from automaker to dealers) increased 14% in July's first three weeks. This was the group's first positive growth in the past 12 months and well above the overall market's 6% decline in the first three weeks.
  China Passenger Car Association (CPCA) has forecast overall PV market wholesales to decline by 0.9%/1.6% YoY in July/August 2019 due to dealer level re-stocking and reducing base. Credit Suisse said this growth was a clear sequential improvement versus April/May/June's 18.2%/16.6%/7.1% decline in the second quarter this year.
  Thus, Credit Suisse expects the overall PV sector, to enjoy a re-rate in the next few months, especially Dongfeng. Considering the better volume, Credit Suisse raised Dongfeng's 2019-21 profit estimate by 4.4-5.7%.