Sales Tax Reimbursement May Compress Margin in 2017
Great Wall Motor announced that during the month of January, it will reimburse 2.5% of the small-car purchase tax for customers buying Haval H2 and Haval H6, the company’s most popular offerings. This is to counter to effect of higher sales tax of 7.5% on small cars. Depending on how long the reimbursement offer will last, the company may see lower margin and net income for the year. At this point, we maintain our fair value estimate of HKD 10, along with our no-moat rating with negative trend f...
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