Michael Ting

Equity Bottom-Up

<p>Despite a 77% surge in share price YTD as at 18 Sept, we believe further share price upside is likely for <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a> (GWM) due to a recovery within its SUV segment in addition to the secular growth in pickup trucks.  This current diversified offering coupled with GWM's future JV with BMW AG to build electric vehicles in China result in both short and long term share price drivers.</p>

Despite a 77% surge in share price YTD as at 18 Sept, we believe further share price upside is likely for Great Wall Motor (2333 HK) (GWM) due to a recovery within its SUV segment in addition to the secular growth in pickup trucks.  This current diversified offering coupled with GWM's future JV with BMW AG to build electric vehicles in China result in both short and long term share price drivers.

Great Wall Motor: Multiple Share Price Catalysts