Second-Half Results Broadly in Line, Dongfeng's FVE Maintained at HKD 9.5; Shares Fairly Valued
Our long-term assumptions for no-moat Dongfeng remain largely intact after the firm reported second-half 2018 earnings that are in line with our estimates. The state-owned automaker’s weak top-line performance was offset by stronger-than-expected joint venture (JV) profits. We stand by our fair value estimate of HKD 9.50 and maintain our 3-star rating on Dongfeng. With China set to scrap the foreign ownership cap on automakers over the next few years, Dongfeng is under much pressure to turn its ...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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