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<Research>M Stanley: DONGFENG GROUP's Accelerated Spin-off of VOYAH Benefits Stock Price; VOYAH's 7M25 GPM at Industry High Lv 21%+
Recommend 18 Positive 24 Negative 6 |
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According to Morgan Stanley's report, Dongfeng Group's pure electric vehicle startup, VOYAH, has recently submitted detailed listing application documents, which the broker considered as a signal that the group is accelerating the spin-off process, a boon for its stock price. As an independently operated new car-making force, VOYAH's business is progressing healthily, with overall revenue performance exceeding previous market expectations. Morgan Stanley kept an Overweight rating on Dongfeng. VOYAH's GPM for 7M25 reached 21.3%, similar to the 21% GPM recorded for the entire 2024, positioning it at a high level within the industry. During the same period, its sales and administrative expenses of around RMB3 billion was reasonable compared to new forces like LI AUTO-W (02015.HK) and XPENG-W (09868.HK) with similar sales volumes. If DONGFENG GROUP (00489.HK) successfully privatizes, Morgan Stanley estimated each share could receive cash and value totaling around HKD10.65. AAStocks Financial News |
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