Commercial Trucks and Honda JVs Drive DFM's First-Half Earnings Growth; FVE Maintained at HKD 12.5
As expected, no-moat Dongfeng Motors, or DFM, reported 4% year-on-year net income growth on the back of a virtually flat top line for the first half. There are no inherent changes in the company’s fundamentals, with strong Honda joint venture, or JV, and commercial vehicle sales offsetting the deteriorating PSA performance. We maintain our key operating assumptions and fair value estimate of HKD 12.5 per share. The current market price is undervalued relative to the company’s strong free cash fl...Dongfeng Motor Group and its subsidiaries are engaged in the manufacture and sale of commercial vehicles, passenger vehicles, automotive engines and parts; and the production of vehicle manufacturing equipment. Co. is also engaged in the import and export of vehicles and equipment and other automotive-related businesses such as finance, insurance agency and used car trading. Co.'s principal products include commercial vehicles (trucks, buses and engines, auto parts and vehicle manufacturing equipment of commercial vehicles) and passenger vehicles (sedans, multi purpose vehicles, sport utility vehicles and engines, auto parts and vehicle manufacturing equipment of passenger vehicles).
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