GWM's Earnings Bottomed Out in First Half; FVE Raised to HKD 14 on Improving Product Mix
There were no major surprises in no-moat Great Wall Motors’, or GWM’s, first-half result. Net income dropped 51% year on year on the back of a slight 1% year-on-year top-line decline, which was in line with company’s earlier profit warning. We cut our full-year net earnings estimate by 40% to CNY 7.1 billion to factor in the one-time destocking costs, along with higher sales and administrative expenses, while trimming our revenue forecast by 10% to CNY 106 billion. Still, we believe GWM has bott...
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