Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

<ul><li>We believe the impact of Volkswagen's diesel scandal on the Chinese auto market is likely to be reputational in nature.</li><li>However, the fallout offers an opportunity for domestic auto manufacturers to gain market share.</li><li>The scandal is limited to emissions testing of diesel passenger vehicles, while gasoline engines dominate the passenger vehicles market in China.&nbsp;More recently, the market has also seen the emergence of hybrid and electric vehicles.</li><li>Diesel passenger vehicles account for less than 1% of total passenger vehicle sales in China, and only have a significant presence in the commercial sector.</li><li>Volkswagen is the number-one car manufacturer in China, accounting for 14% of sales in 2014.</li><li>Given the small number of diesel passenger vehicle sales in China, the direct impact from the scandal will be limited in terms of sales, but will rather manifest through the company's loss of reputation.</li></ul>Analysts: Phillip Zhong and Michael WuFull report below the fold...

We believe the impact of Volkswagen's diesel scandal on the Chinese auto market is likely to be reputational in nature.However, the fallout offers an opportunity for domestic auto manufacturers to gain market share.The scandal is limited to emissions testing of diesel passenger vehicles, while gasoline engines dominate the passenger vehicles market in China.&nbsp;More recently, the market has also seen the emergence of hybrid and electric vehicles.Diesel passenger vehicles account for less than 1% of total passenger vehicle sales in China, and only have a significant presence in the commercial sector.Volkswagen is the number-one car manufacturer in China, accounting for 14% of sales in 2014.Given the small number of diesel passenger vehicle sales in China, the direct impact from the scandal will be limited in terms of sales, but will rather manifest through the company's loss of reputation.Analysts: Phillip Zhong and Michael WuFull report below the fold...

Volkswagen Scandal Positive for Chinese Auto Manufacturers

Chairman, sgtradex

Tan Chin-Hwee

Chairman

Thematic (Sector/Industry)

Two years ago I recalled during May/June period, put premiums were at double digits for the biggest china financial stocks. It was dirt cheap at low valuation pricing (3x p/e; 0.8x p/b) pricing in worse cases scenario. Clear Buy. In the last two months, US$1.7 trillion having been added to China&rsquo;s stock market capitalization with some Chinese valuations now look excessive (according to CLSA, China&rsquo;s nine largest listed stock brokers have a combined market cap US$319bn). Market is indeed hot, as an investor in a start-up P2P china financial portal-an additional 1 million new subscribers signed up in last 3 months! &nbsp;Overall, the influx of foreign money will be a great time for the SOE sector to deleverage and the banks to recapitalize and write down their debt.

Two years ago I recalled during May/June period, put premiums were at double digits for the biggest china financial stocks. It was dirt cheap at low valuation pricing (3x p/e; 0.8x p/b) pricing in worse cases scenario. Clear Buy.  In the last two months, US$1.7 trillion having been added to China&rsquo;s stock market capitalization with some Chinese valuations now look excessive (according to CLSA, China&rsquo;s nine largest listed stock brokers have a combined market cap US$319bn). Market is indeed hot, as an investor in a start-up P2P china financial portal-an additional 1 million new subscribers signed up in last 3 months! &nbsp;Overall, the influx of foreign money will be a great time for the SOE sector to deleverage and the banks to recapitalize and write down their debt.

A herd of fine horses are starting to head back to their home market

China

Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

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Dongfeng Motor (489 HK)

Volkswagen Scandal Positive for Chinese Auto Manufacturers

We believe the impact of Volkswagen's diesel scandal on the Chinese auto market is likely to be reputational in nature. However, the fallout...

Morningstar, Inc.

A herd of fine horses are starting to head back to their home market

Two years ago I recalled during May/June period, put premiums were at double digits for the biggest china financial stocks. It was dirt cheap at...

Tan Chin-Hwee

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52-week Range

Market Cap (USDm)

P/E

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