SAIC Motor (600104.CH): 2018H result review:Self-brands still saw robust growth September 14, 2018 609

Investment Summary

SAIC`s 2018H results still posted satisfactory growth at a high base and gained a steady rise in the gross margin, with a further enhancement market share. in H2, both self-owned brands and joint-venture brands will launch many new cars, thereby expecting to exceed the annual target driven by self-owned and joint-venture brands. Given the impetus of promising growth of self-owned brands, strong product cycle of joint-venture brands and the leading layout in emerging fields, the Company`s overall result is expected to grow steadily, and meanwhile, the Company`s high cash dividend rate is worth the wait. We maintain Accumulate rating. (Closing price as at 12 Sep 2018)

About the author

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Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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