Proprietary Brands Offset Slower Growth of Joint Venture Brands During the Fourth Quarter
Dongfeng Motor Group, or DFM, released its full-year sales volume for 2016. Total sales volume was up 10% year on year, unchanged from the pace seen at the end of the third quarter. As the extension of small car sales tax cut was only announced on Dec. 14, 2016, the continued strong sales momentum during the last quarter was partially attributed to the front-loading effect, likely leading to lower demand going forward. We maintain our fair value estimate of HKD 12.50, as well as our narrow moat ...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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