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1H17 in-line; strength in CV and Honda JVs offset by weak PSA JV
报告类型：港股公司研究 页数：11 文件大小：351K 上传时间：2024-09-20
机构：德意志银行 作者：Vincent Ha Fei Sun Yuki Lu 65阅读 0收藏 0下载
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1H beat; bullish guidance on 2H17 outlook and onwards Buy: Stong 1H17; expecting stronger 2H17 Hold: 1H17 results within expectations New management to exert stronger capex discipline Strong growth with cheap valuation;top pick among small caps 1H17 boosted by lumpy property sales Conf. call takeaway: mgmt seems more focused on profitability; Buy 2Q17 result beat on strong sales recovery; reiterating Buy Passenger NEV – higher opex but nice progress; reiterating Buy 1H17 earnings rebound on low base;unlikely to be repeated
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