Morningstar - Zhengzhou Yutong Bus Co. Ltd. Class A (600066) As Expected, Yutong Delivered Strong 3Q Result Amid Improving Underlying Demand

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Morningstar

John Hu

EUR 101.80 For Business Accounts Only

As Expected, Yutong Delivered Strong 3Q Result Amid Improving Underlying Demand

As expected, narrow-moat-rated Yutong registered strong net income and top-line growth in the third quarter amid reacceleration of new energy vehicle demand growth. On a cumulative basis, Yutongâ€™s net earnings drop narrowed to 16.4% year on year on the back of 12% year-on-year revenue decline, respectively, to CNY 1.9 billion and CNY 19 billion, which makes up 46% and 51% of our full-year forecast. We believe the company is on track to meet our full-year 2% year-on-year net income growth forecas...

24/10/2017 12 EN

Underlying

Zhengzhou Yutong Bus Co. Ltd. Class A

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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CNE000000PY4 Shanghai Stock Exchange China

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

John Hu

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As Expected, Yutong Delivered Strong 3Q Result Amid Improving Underlying Demand

YUTONG BUS 'A' sees an upgrade to Slightly Positive due to a better fundamental star rating

Monthly LMI Update Independent Investment Research

Automobile - April auto sales return to positive growth, driven by CVs. Maintain MARKET WEIGHT. Top picks: Weichai, Brilliance, Yongda and DFM

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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