Dongfeng (Seite 18)
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ISIN: CNE100000312 · WKN: A0M4XY · Symbol: D4D
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| 4,0460 | +45,02 | |
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| 488,30 | +16,08 | |
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| 5,0500 | +9,78 |
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Werden wir neue Tiefststände sehen ??
Die Verkaufszahlen verheißen nichts gutes.
Die Verkaufszahlen verheißen nichts gutes.
Gar nicht gut 
Sieht nicht gut aus !
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Dongfeng Motor: Riding On The Back Of Japanese Autos
Oct. 12, 2015 5:19 PM ET | About: Dongfeng Motor Group Co., Ltd. ADR (DNFGY)
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary
Dongfeng Motor's September sales were strong on the back of solid demand for Nissan and Honda.
Commercial vehicle sales remain weak, mostly driven by trucks.
The stock is cheap at 4.5x earnings and the company is well positioned for China's auto demand.
Dongfeng Motor (OTCPKNFGY) reported September vehicle sales that showed a +11% growth. Similar to the prior operating trends, passenger vehicle sales were solid, up 18% y/y, but commercial vehicle sales remain a drag with a 22% decline. This suggests that Chinese consumer auto demands remain solid, as China shifts from an export and fixed asset investment focused economy to an economy focused on internal consumption. Given that Dongfeng has exposure to both Honda (NYSE:HMC) and Nissan (OTCPK:NSANF) (OTCPK:NSANY), two of the most popular Japanese brands in China, I remain bullish on the company as one of my favorite picks to play the Chinese auto consumption trend (see - Japanese Auto: Implications From Trans-Pacific).
Consolidated sales increased 11% y/y to 242k units, driven by strength in Honda (+151%) and Nissan (+18%). The Honda JV continues to post solid numbers, bringing the YTD total shipments to 269.8k after delivering 39.8k units in the month. Strong demand for the XR-V and the CR-V SUVs remains a key driver as suggested by the XR-V and the CR-V shipments reported by Honda that showed 12.0k and 15.7k units, respectively.
As for Nissan, the unit certainly is seeing solid turnaround to growth this year, with +18% growth in shipments to 86.1k units. While no details were given, I suspect that most of the demand came from the new Murano SUV, as well as the Sylphy sedan that has experienced solid demand in recent months. Additionally, the Lannia model that was recently launched to target younger car buyers also saw strong demand and some of the shipments were probably included in the numbers. This is a good indicator of future demand as we head into the end of the year, so investors can expect further upside.
On to PSA, sales were down 6% as the Peugeot Citreon (OTCPK:PEUGF) brand failed to gain any traction in the crowded Chinese passenger vehicle market. Unlike the other brands, both sedans and SUVs experienced soft demand, and while a tax cut could boost demand in the short term, I do not see how PSA can generate significant interest with the existing model lineup.
Finally, commercial vehicle sales were down 22% y/y, mostly driven by the decline in trucks. Clearly, demand for CV is weak due to the slower fixed asset investment and it will remain so in the coming months in my view. However, given the strength in Honda and Nissan, I remain bullish on the Dongfeng story and believe that it is well positioned for the auto demand. The stock is cheap at 4.5x 2016E consensus P/E.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
Dongfeng Motor: Riding On The Back Of Japanese Autos
Oct. 12, 2015 5:19 PM ET | About: Dongfeng Motor Group Co., Ltd. ADR (DNFGY)
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary
Dongfeng Motor's September sales were strong on the back of solid demand for Nissan and Honda.
Commercial vehicle sales remain weak, mostly driven by trucks.
The stock is cheap at 4.5x earnings and the company is well positioned for China's auto demand.
Dongfeng Motor (OTCPK
NFGY) reported September vehicle sales that showed a +11% growth. Similar to the prior operating trends, passenger vehicle sales were solid, up 18% y/y, but commercial vehicle sales remain a drag with a 22% decline. This suggests that Chinese consumer auto demands remain solid, as China shifts from an export and fixed asset investment focused economy to an economy focused on internal consumption. Given that Dongfeng has exposure to both Honda (NYSE:HMC) and Nissan (OTCPK:NSANF) (OTCPK:NSANY), two of the most popular Japanese brands in China, I remain bullish on the company as one of my favorite picks to play the Chinese auto consumption trend (see - Japanese Auto: Implications From Trans-Pacific).Consolidated sales increased 11% y/y to 242k units, driven by strength in Honda (+151%) and Nissan (+18%). The Honda JV continues to post solid numbers, bringing the YTD total shipments to 269.8k after delivering 39.8k units in the month. Strong demand for the XR-V and the CR-V SUVs remains a key driver as suggested by the XR-V and the CR-V shipments reported by Honda that showed 12.0k and 15.7k units, respectively.
As for Nissan, the unit certainly is seeing solid turnaround to growth this year, with +18% growth in shipments to 86.1k units. While no details were given, I suspect that most of the demand came from the new Murano SUV, as well as the Sylphy sedan that has experienced solid demand in recent months. Additionally, the Lannia model that was recently launched to target younger car buyers also saw strong demand and some of the shipments were probably included in the numbers. This is a good indicator of future demand as we head into the end of the year, so investors can expect further upside.
On to PSA, sales were down 6% as the Peugeot Citreon (OTCPK:PEUGF) brand failed to gain any traction in the crowded Chinese passenger vehicle market. Unlike the other brands, both sedans and SUVs experienced soft demand, and while a tax cut could boost demand in the short term, I do not see how PSA can generate significant interest with the existing model lineup.
Finally, commercial vehicle sales were down 22% y/y, mostly driven by the decline in trucks. Clearly, demand for CV is weak due to the slower fixed asset investment and it will remain so in the coming months in my view. However, given the strength in Honda and Nissan, I remain bullish on the Dongfeng story and believe that it is well positioned for the auto demand. The stock is cheap at 4.5x 2016E consensus P/E.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
Antwort auf Beitrag Nr.: 50.831.967 von Wusel58 am 12.10.15 20:50:37Man kann gespannt sein.Da ist noch reichlich
Luft nach oben.
Luft nach oben.
Antwort auf Beitrag Nr.: 50.775.018 von BremerTribun am 05.10.15 10:30:42Bin auch schon länger dabei. Viele europäische Anleger kennen Dongfeng nicht. Wenn man mal die größten Lkw-Hersteller der Welt sucht, dann staunt manch einer nicht schlecht!! Platz 2: Dongfeng Motor Corporation (DMC)
Absatz: 246.400 Stammt aus der "Wirtschaftswoche"
Der chinesische Hersteller ist noch eigenständig unterwegs, doch die EU hat bereits grünes Licht für die Übernahme von 45 Prozent der Anteile durch Volvo Trucks gegeben. Der Kaufpreis wurde mit 5,6 Milliarden Yuan angegeben, was rund 700 Millionen Euro entspricht. Die Schweden wollen durch die Fusion zum weltweit größten Lkw-Hersteller werden.
Die Kennzahlen lassen mich in Ruhe meinen "Tee" genießen.
Absatz: 246.400 Stammt aus der "Wirtschaftswoche"
Der chinesische Hersteller ist noch eigenständig unterwegs, doch die EU hat bereits grünes Licht für die Übernahme von 45 Prozent der Anteile durch Volvo Trucks gegeben. Der Kaufpreis wurde mit 5,6 Milliarden Yuan angegeben, was rund 700 Millionen Euro entspricht. Die Schweden wollen durch die Fusion zum weltweit größten Lkw-Hersteller werden.
Die Kennzahlen lassen mich in Ruhe meinen "Tee" genießen.
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