China Specialist, Auto and Industrial Specialist

Victoria Li

Equity Bottom-Up

Brilliance China Automotive / Equity Bottom-Up

<ul>
<li>No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far.</li>
<li>Besides estimated max Rmb6 per share, or HKD6.5 per share special dividend 2022E, shareholders may get more cash dividends in the next few years</li>
<li>Our enterprise value analysis shows Brilliance China’s fair value could be as high as HHD21.9 per share, including estimated HKD6.5 per share special dividend 2022E.</li>
</ul>


No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far.
Besides estimated max Rmb6 per share, or HKD6.5 per share special dividend 2022E, shareholders may get more cash dividends in the next few years
Our enterprise value analysis shows Brilliance China’s fair value could be as high as HHD21.9 per share, including estimated HKD6.5 per share special dividend 2022E.


Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy domestic buyers</li><li>The launch marks BYD’s latest step into the high-end auto market as it tries to outgrow its image as a manufacturer of mid- to low-end vehicles</li><li>BYD is China’s largest EV and hybrid vehicle manufacturer by sales. In October, its wholesale shipments surpassed 200,000 for the second consecutive month</li></ul>

Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy domestic buyersThe launch marks BYD’s latest step into the high-end auto market as it tries to outgrow its image as a manufacturer of mid- to low-end vehiclesBYD is China’s largest EV and hybrid vehicle manufacturer by sales. In October, its wholesale shipments surpassed 200,000 for the second consecutive month

BYD Launches Luxury EV Line in Challenge to High-End Foreign Brands

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening.</li>
<li>Trade recommendations long ords / short prefs: BMW, Fuchs Petrolub, Handelsbanken, SSAB Svenska Stal.</li>
<li>Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening.
Trade recommendations long ords / short prefs: BMW, Fuchs Petrolub, Handelsbanken, SSAB Svenska Stal.
Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: October ‘22 Report

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

<p>In our next Webinar, we welcome Analysts <a href="https://www.smartkarma.com/profiles/sc-capital/analysis" target="_blank" rel="noopener">Chris Redl (SC Capital)</a> and <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5/analysis" target="_blank" rel="noopener">Sameer Taneja (Investics Research)</a>, who will be joined by Smartkarma CEO Raghav Kapoor in an exciting discussion on the EV landscape in China.</p>
<h3>The webinar will be hosted on Friday, 21 October 2022, 11:00 SGT/HKT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86304030271" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Chris Redl has over 20 years' experience covering the global automotive industry both on the Sell-side (UBS &amp; Morgan Stanley) and Buy-side (Och-Ziff). His current focus is on electric vehicle stocks &amp; their supply chains, aiming is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well.<br><br>Sameer Taneja is the founder of Investics Research, a firm that engages in bottom-up sectoral research, fundamental research of publicly listed companies as well as forensic analysis. He started his career as a sell-side analyst in a stockbroking firm called B&amp;K Securities (India) from 2004-07, covering the ferrous sector. From 2007-16 he worked as an investment analyst in a hedge fund called Kelusa Capital, covering the materials, utilities, construction &amp; heavy machinery, and the auto sector. He continued to work on the buy-side from 2017-19 in a firm called Skale Investments (with similar sectoral coverage), before founding Investics Research in 2019.</p>
<p>Raghav is the co-founder and CEO of Smartkarma.</p>

In our next Webinar, we welcome Analysts Chris Redl (SC Capital) and Sameer Taneja (Investics Research), who will be joined by Smartkarma CEO Raghav Kapoor in an exciting discussion on the EV landscape in China.
The webinar will be hosted on Friday, 21 October 2022, 11:00 SGT/HKT.



Register for the Webinar here



Chris Redl has over 20 years' experience covering the global automotive industry both on the Sell-side (UBS &amp; Morgan Stanley) and Buy-side (Och-Ziff). His current focus is on electric vehicle stocks &amp; their supply chains, aiming is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well.  Sameer Taneja is the founder of Investics Research, a firm that engages in bottom-up sectoral research, fundamental research of publicly listed companies as well as forensic analysis. He started his career as a sell-side analyst in a stockbroking firm called B&amp;K Securities (India) from 2004-07, covering the ferrous sector. From 2007-16 he worked as an investment analyst in a hedge fund called Kelusa Capital, covering the materials, utilities, construction &amp; heavy machinery, and the auto sector. He continued to work on the buy-side from 2017-19 in a firm called Skale Investments (with similar sectoral coverage), before founding Investics Research in 2019.
Raghav is the co-founder and CEO of Smartkarma.

Smartkarma Webinar | China EVs: Sales Strong, Stocks Weak?! 🤨

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Dr Ing hc F Porsche  / Equity Capital Markets

<ul>
<li>Our base case valuation of Porsche is EV of 83.6 billion EUR, implied market cap of 88.9 billion EUR, and target base case price target of 98 EUR per share. </li>
<li>This represents 23% higher than the mid-point of the IPO price range. Given the relative solid upside, we have a Positive View of the Porsche IPO. </li>
<li>The market related risk is clearly the biggest risk for the Porsche IPO right now in our view. </li>
</ul>


Our base case valuation of Porsche is EV of 83.6 billion EUR, implied market cap of 88.9 billion EUR, and target base case price target of 98 EUR per share. 
This represents 23% higher than the mid-point of the IPO price range. Given the relative solid upside, we have a Positive View of the Porsche IPO. 
The market related risk is clearly the biggest risk for the Porsche IPO right now in our view. 


Germany

Bayerische Motoren Werke Aktiengesellschaft (BMW) manufactures and sells cars and motorcycles. The Company offers convertible sports cars, sedans, and touring motorcycles with large displacement engines. BMW serves customers worldwide.

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Bayerische Motoren Werke (BMW) (BMW GR)

Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside

No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far. Besides estimated max HKD6.5 per share special dividend...

Victoria Li

BYD Launches Luxury EV Line in Challenge to High-End Foreign Brands

Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy...

Caixin Global

Liquid Universe of European Ordinary and Preferred Shares: October ‘22 Report

Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening.

Jesus Rodriguez Aguilar

Smartkarma Webinar | China EVs: Sales Strong, Stocks Weak?! 🤨

On 21 October 11am SGT, Smartkarma CEO Raghav Kapoor will be joined Analysts Chris Redl and Sameer Taneja in an exciting discussion on the EV...

Smartkarma Research

Porsche IPO Valuation Analysis

Our base case valuation of Porsche is EV of 83.6 billion EUR, implied market cap of 88.9 billion EUR, and target base case price target of 98 EUR...

Douglas Kim

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