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雷达卡
Table of Contents
Recent developments ....................................................................... 3
A glimpse of sector recovery? Not a sure thing yet..................................................................3
Several supportive measures announced, perhaps more to come...........................................3
Other near-term worries in sight...............................................................................................5
Conclusion: stay cautious near term but optimistic long term..................................................6
Stock implications............................................................................. 8
Lowered forecasts with a more conservative sales outlook.....................................................8
But sector re-rating warranted given government support .......................................................8
Near-term top pick is Denway; cautious on domestic names...................................................9
Risks.................................................................................................. 11
Demand could get worse again ..............................................................................................11
Panic pricing may re-emerge ..................................................................................................11
Company pages ............................................................................... 12
Dongfeng Motor .............................................................................. 14
Denway Motors ............................................................................... 20
Geely Auto........................................................................................ 24
Brilliance China ................................................................................ 28
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