Profit Surprise Within Our Expectations; Disappointing Volume Offset by ASP Growth
Leading Chinese automotive manufacturer Great Wall Motor noted a positive profit surprise for its first-half results. While the investment community might be raising their eyebrows, we have fully anticipated Great Wall’s earning recovery, driven by strong WEY sales, and baked it into our current valuation for the company. In a brief statement, the company attributes the profit surprise to rising sales of its premium WEY product lines. We maintain our fair value estimate of HKD 13.50 per share an...
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