发帖
雷达卡
【出版时间及名称】：2010年4月亚太汽车行业研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：65
【目录或简介】：
Key items this month
• What is changing? We analyze: (1) Why we should be more careful
about local branded vehicle producers focusing on small cars which
have started to lose market share as of March 2010, and the implications
of the would-be new auto financing rules for China’s auto sector; (2)
Our positive view on Nissan’s medium-term growth potential despite the
near-term slowdown in profit growth due to additional launch costs of
new products in Japan; (3) The 1Q10 results highlights and 2Q10 growth
outlook for Kia and Hyundai in Korea; (4) The increasing competitive
pressure in India’s two-wheeler sector due to aggressive sales targets by
OEMs; (5) Disruptions in Thailand starting to have a negative impact on
auto producers in Indonesia.
• Information: We discuss: (1) FY09 results highlights for Weichai
Power, DongFeng Motor, and Brilliance China, and the impact of the
recent fuel price increases on China’s auto sector; (2) The domestic sales
trend of Japanese auto producers; (3) Kia Motor’s new model K5 launch
in Korea; (4) Suzuki’s plan to increase engine production and Ashok
Leyland’s new plant launch in India; (5) Why we maintain Yulon Motor
as our top pick in Taiwan’s auto sector; (6) The sharp recovery in pickup
and commercial vehicle segments in 1QFY10 in Indonesia.
• Non-consensus calls: (1) Why we recently shifted to a more cautious
stance on China’s passenger vehicle sector after its results-driven rally in
1Q FY10; (2) Preview of Astra International’s 1Q FY10 results in
Indonesia; (3) We downgraded Hero Honda to UW on: (a) concerns over
industry growth which is likely to moderate over FY10E-12E; (b)
margins getting squeezed on rising input costs and potential increasing
competitive intensity in India.
京公网安备 11010802022788号
