Great Wall Motor’s Solid 1Q18 Result Points to Ongoing Net Earnings Recovery
No-moat-rated Great Wall Motor, or GWM’s decent first quarter confirmed our view that the company’s earnings recovery is on track, with core net earnings rising 16% year on year on the back of 13.1% year on year top-line growth. The improving mix toward higher-priced, mid-end WEY product lines offset the modest sales volume growth, and we expect the trend to continue for the remainder of the year. We maintain our fair value estimate of HKD 13.5 per share, and consider the current market price un...
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