Great Wall Is Not So Great: Slashing FVE to HKD 6.60 as Competition in SUVs Continues to Intensify
We are slashing fair value estimate for Great Wall Motor to HKD 6.60 from HKD 13.50 after reducing our near- and long-term sales forecasts. We now think China's sports utility vehicle, or SUV, space is becoming increasingly crowded, with both local producers and joint ventures, or JVs, aggressively bring new models to market. We previously believed that through quickly transforming itself into a mass-market SUV maker, Great Wall Motor would attain significant first-mover advantages over competit...
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