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Jefferies:Geely reports unexpectedly good Jan sales
12 Feb 2019
(Infocast News) Jan car inventory index sharply declined from Dec's 69.5% to 44.5% according to CADA, Jefferies says in a research reports on China Autos. It confirmed their previous view that Jan end inventory could be reduced to a more normal level. Low end car market seems recovering faster than others. Retail discounts narrowed MoM, which indicates robust demand.

Geely Auto(00175)reported an unexpectedly good Jan wholesale (+2% YoY, far better than Dec's -39%). Great Wall(02333) also announced 14% volume growth target for 2019 in Jan. The situation could be clearer when retail and production data report in next two weeks.

Jefferies said their price target of Geely is HK$10.8, based on 7x 2019E earnings.

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