Investment Summary
Valuation & Investment thesis
According to the latest result, we revised our estimate 2017/2018 net profit of AC to be 9.68/9.55 billion RMB; EPS to be 0.67/0.66-yuan RMB. The target price is adjusted to HKD8.67, estimates 11x/11x P/E and 1.45/1.31x P/B in 2017/2018. “Accumulate” rating is given.
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.
