MARKET BUZZ: Great Wall Motor Slips After Aug Sales Data; Daiwa Keeps Sell Rating
By Hong Kong Newsroom
HONG KONG (Sep 06) -- Great Wall Motor down 1% at HK$10.16 after sales volume in August up by 0.8%. "This (August numbers) led to the sales number in 8M17 only accounting for 48% of GWM's 2017 full-year sales guidance of 1.25 million units," Daiwa Capital Markets says in note. "Although the new model WEY VV7 performed well, the Haval SUV models did not show a strong recovery and its main drivers, the Haval H2 and Haval H6, both showed continued sales weakness," house adds. Looking ahead at rest of 2017, it says that "GWM could also lose market share in the domestic SUV segment and experience margin erosion due mainly to intensified competition from stronger peers Geely and GAC Motor." Maintains Sell rating with target price of HK$8.00.
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