Dongfeng (489 HK) VOYAH Is Expected to Lead the Company’s Breakthroughs in High-end Brand October 29, 2021 226

PSR Recommendation: BUY Status: Maintained
Target Price: HKD12.00

Investment Summary
Interim Results Rose by 137%
Dongfeng reported revenue of RMB69,856 million in H1 of 2021, an increase of 38.1% over
the same period last year. The increase in revenue was mainly attributable to Dongfeng
Trucks, Dongfeng Liuzhou Motor Co., Ltd., DPCAFC and Dongfeng Finance. In addition, the
low base caused by the pandemic last year was also one of the reasons. It increased by
44.6% compared to the same period in 2019.
The net profit attributable to shareholders reached RMB8,629 million, up by 136.9% yoy.
Compared to H1 of 2019, it increased by 1.5%.
The earnings per share was RMB1.00. The Company planned to pay a special dividend of 40
cents per share. The dividend payout rate reached 40%, which has significantly increased
compared to the previous dividend rate of approximately 20%. The Company mainly
compensated for the suspension of the 2020 final dividend due to preparations for the
listing on the A-share market. The Company stated that in the future it will increase the
dividend payout ratio to 40% in the event of successful listing on the A-share market

About the author

Profile photo of Zhang Jing

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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