Reduction in Subsidies Is a Long-Term Positive for Yutong; Maintaining FVE of HKD 16.10
Even though China’s central authority has yet to announce the new energy vehicle subsidy policy for 2019, we are maintaining our narrow moat rating and fair value estimate of CNY 16.10 on Yutong. It has been previously rumored that there will be 50% cuts in the national government’s subsidies, slightly ahead of our 40% expectation. While a higher than expected drop in subsidies might pressure its margins in the near term, the eventual phase-out of government incentives will lead to market share ...ZHENGZHOU YUTONG BUS CO.,LTD. is a China-based company principally engaged in the research and development, manufacture and sale of passenger car products. The main products of the Company consist of urban buses, seat coaches, school coaches and other types of passenger cars. The Company also provides ground passenger transportation services. The Company distributes its products within domestic markets and to overseas markets.
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