BITA: Underlying Auto Industry Facing Challenges in 2019; BITA Is Coping With Challenges
BITA will report 2Q19 results in late August. Based on our data and calculations, we believe BITA’s 2Q19 revenue is likely to be better than consensus at RMB2,758M. However, BITA’s fundamentals are likely to be impacted by the weaker consumer spending in the auto sector as well as the changes of National Emission Standard (from Guo 5 to Guo 6). The number of paying dealers did not bounce back in 2Q19 like it used to in previous years and we do not expect the number to fully recover in the 2H2019. The outlook for auto sector in 2H2019 is not positive.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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