Yutong on Track to Solid 2019 Despite Industry Headwinds; FVE Maintained
Narrow-moat Yutong reported first-quarter earnings in line with our estimates. Stronger- than-expected gross margin was offset by higher research and development costs. Shares of narrow-moat Yutong Bus are trading at more than 25% below our fair value estimate of HKD 17.70 per share, putting them in 4-star territory.Despite falling sales volume across the industry during the first quarter of 2019, Yutong sold 6% more buses than it did a year ago, reaffirming the firm’s market-leading position....
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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