DFM's Fiscal 2017 Result In Line as Honda JV Continues to Shine; FVE Remains at HKD 12.50 per Share
No-moat Dongfeng Motor's 2017 result was in line with our estimate, with net income and the top line rising 5% and 2% year on year, respectively, to CNY 14 billion and CNY 125 billion. There are no major changes in the company’s operational dynamics, as solid joint-venture performance (mainly with Honda) offsets the persistently loss-making proprietary brand. The company’s commercial vehicle growth also accelerated notably on the back of domestic infrastructure ramp-up, but we think the segment ...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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