{I-bank focus}Jefferies restarts BAIC Motor at HK$5.9

    Jefferies Research assumed coverage on BAIC Motor (01958) with a "buy" rating and a target price of HK$5.9.
  It said BAIC relies heavily on the Beijing Benz JV for income contribution, cash flow, and volume growth. As such, market speculation on the loss of equity to Daimler will likely remain an overhang on valuation.
  Jefferies remains constructive on the business outlook given the exciting new model pipeline, unblocking of a capacity bottleneck, and further expansion of its NEV (new energy vehicle) market leadership in times of subsidy withdrawal.