GWM Should See Earnings Rebound in 2018, but Competition Is Intensifying; FVE Lowered to HKD 13.50
We walked away from no-moat Great Wall Motor's investor conference cautiously optimistic about the company’s growth outlook in 2018 and beyond. In our view, the company is gaining a solid footprint in the mid-end SUV segment with its WEY product lines, but its best-selling Haval brand will face rising competition. We expect WEY to become the primary growth driver going forward, but this will be partially offset by stagnating Haval sales. We lower our fair value estimate to HKD 13.50 per share (f...
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