报告名称：BAIC Motor Corporation Limited(01958.HK)Negative read on BAIC's acquisition of l
报告类型：港股研究
报告日期：2016-03-15
研究机构：瑞士信贷
页数：6
简介：BAIC Motor signed an agreement with Fujian Motor Industry Group (FMIG) yesterday evening to acquire 35% stake in Fujian Benz Automobile Co., Ltd. Post the transaction, Fujian Benz's stake structure will be 50:35:15 between Daimler Vans Hong Kong:BAIC Motor:FMIG. We highlight that Fujian Benz is currently producing three Mercedes-Benz brand high-end light bus productsViano, Vito and Sprinterwhose prices range Rmb340k-690k.
We believe that this deal will hurt BAIC Motor's near-term earnings, as Fujian Benz booked a big loss in 201528 mn loss due to 49% YoY volume decline (thus, a 35% stake implies 2% loss of BAIC's 2015 earnings). Meanwhile, we are conservative on the upcoming Vclass MPV, given its expensive pricing at above Rmb500k.
BAIC kicked off 2016 weakly with first two months' volume down 9% YoY, well below the overall market's 8% YoY growth. Key weakness was the Hyundai JV, whose volume was down 28% YoY.
Reiterate UNDERPERFORM. Catalyst is weaker-than-expected 1Q16 result (out on 21 April), likely a YoY earnings decline.

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