Narrow-Moat Yutong Should See Brighter Earnings Outlook in 2018; FVE Maintained at CNY 24.50
After rallying nearly 20% over the past 12 months, we consider the current market price of Zhengzhou Yutong Group, or Yutong, fully priced relative to our fair value estimate of CNY 24.50 per share. We have trimmed our 2017 net income and top-line forecast by roughly 15% and 6%, respectively, to CNY 3.5 billion (from CNY 4.1 billion) and CNY 33 billion, mainly on weaker-than-expected new-energy bus sales amid toughening subsidy policy. Still, our long-term assumptions are intact, and Yutong shou...
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