PSA JVs' Results Weaker Than Expected; FVE Maintained at HKD 12.5 per Share
French automaker PSA announced its 2016 results on Feb. 23 and shed some light on the financials of its joint ventures, or JVs, with no-moat Dongfeng Motors. DFM’s proprietary brand has been consistently loss-making, so its JVs provide virtually all of its profit. Overall, the PSA JVs had a rough year in 2016 as net income and revenue dropped sharply amid weak sales volume. While the result was below our estimates, we maintain our current fair value estimate of HKD 12.50 per share. With shares c...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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