Dongfeng seeks to bolster its market position through close collaboration with overseas partners.
No-moat Dongfeng Motors' share price has rallied 27% since the beginning of the year on the back of strong commercial vehicle demand and decent SUV sales volume. We expect commercial vehicles to remain a key growth driver amid the nationwide infrastructure spending push, while the company’s joint ventures, or JVs, will likely deliver uneven results. We maintain our fair value estimate of HKD 12.50 per share and our full-year net income estimate. In our view, shares are undervalued at the current...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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