Independent Insight Provider

KL Lo

Equity Bottom-Up

Great Wall announced its FY15 unit sales target of 850k units, implying only 16% YoY growth. In my view, this is too conservative and I expect there is much more upside potential. Here are the reasons.

Great Wall announced its FY15 unit sales target of 850k units, implying only 16% YoY growth. In my view, this is too conservative and I expect there is much more upside potential. Here are the reasons.

Managment's guidance too conversative, more upside

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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<ul><li>Geely is traded down by 30% from its recent high in November due to its exposure in Russia and restructuring of its dealership network. As a result of both, the company issued profit warning expecting 2014 profit to be about half of&nbsp;2.66 billion yuan ($429.79 million) in 2013. The recent sharp decline in share prices makes the company interesting.&nbsp; </li><li>In this article, we re-cap the impact of Russia crisis and examine the action of earnings downgrade by the street.&nbsp; </li><li>We collated Geely's acquisition activities and achievement, to understand how Geely is progressing to be a Chinese auto technology leader.</li><li>We examine Geely's Baidu index with its peers.</li><li>We compared Geely's valuation to its peers.&nbsp;With net cash position, it is trading at 6.6x 15E PER and 0.8x 2015E Book value, a significant discount to its close peers by any metrics.</li></ul>

Geely is traded down by 30% from its recent high in November due to its exposure in Russia and restructuring of its dealership network. As a result of both, the company issued profit warning expecting 2014 profit to be about half of&nbsp;2.66 billion yuan ($429.79 million) in 2013. The recent sharp decline in share prices makes the company interesting.&nbsp; In this article, we re-cap the impact of Russia crisis and examine the action of earnings downgrade by the street.&nbsp; We collated Geely's acquisition activities and achievement, to understand how Geely is progressing to be a Chinese auto technology leader.We examine Geely's Baidu index with its peers.We compared Geely's valuation to its peers.&nbsp;With net cash position, it is trading at 6.6x 15E PER and 0.8x 2015E Book value, a significant discount to its close peers by any metrics.

Geely: Unprecedented opportunity to accumulate the future Chinese auto technology leader

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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Great Wall Motor (2333 HK)

Managment's guidance too conversative, more upside

Great Wall announced its FY15 unit sales target of 850k units, implying only 16% YoY growth. In my view, this is too conservative and I expect...

KL Lo

Geely: Unprecedented opportunity to accumulate the future Chinese auto technology leader

Geely is traded down by 30% from its recent high in November due to its exposure in Russia and restructuring of its dealership network. As a...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)