20151008-The Hongkong and Shanghai Banking Corporation Limited-吉利汽车-00175.HK-Buy Strong domestic sales offset by weak Sept exports.pdfVIP

下载本文档

1
0
约4.18万字
约 7页
2018-09-30 发布于广东
举报
版权申诉

20151008-The Hongkong and Shanghai Banking Corporation Limited-吉利汽车-00175.HK-Buy Strong domestic sales offset by weak Sept exports.pdf

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Flashnote  Industrials Autos Geely Automobile (175 HK) Equity – China Buy Buy: Strong domestic sales offset by weak Sept exports Target price (HKD) 4.50 Share price (HKD) 3.96  Overall sales volume +8% YoY in September, despite strong Upside/Downside (%) 13.6 domestic sales growth of 21% YoY Performance 1M 3M 12M Absolute (%) 39.9 15.1 18.2 Relative^ (%) 28.3 37.1 24.6  Launch of new SUV by year-end to address the company’s ^Index HSCEI shortfall in the SUV segment RIC 0175.HK Bloomberg 175 HK  We have a Buy rating and HKD4.50 TP from 12.9x 2015e PE Market cap (USDm) 4,496 Market cap (HKDm) 34,855 Strong domestic sales offset by weak exports in September: Geely reported sales +8% Enterprise value (CNYm) 22,643 Free float (%) 49 YoY/+33% MoM of 42,158 units in September, which is traditionally the beginning of the peak season. Sales in China remained strong at +21% YoY/+38% MoM to 41,421 units, but export volume was -84% YoY to 737 units. The company cited an uncertain political and economic environment in some of its major export markets as the reason for the decline. Jan-Sep overall sales volume increased 30% YoY to 355,363 units, and