Announcement • Apr 30
SAIC Motor Corporation Limited, Annual General Meeting, Jun 26, 2026 SAIC Motor Corporation Limited, Annual General Meeting, Jun 26, 2026, at 14:00 China Standard Time. Location: 3F, Building 3, No. 79, Tongjia Road, Hongkou District, Shanghai China Price Target Changed • Apr 08
Price target decreased by 8.6% to CN¥17.65 Down from CN¥19.32, the current price target is an average from 11 analysts. New target price is 24% above last closing price of CN¥14.23. Stock is down 6.4% over the past year. The company is forecast to post earnings per share of CN¥1.04 for next year compared to CN¥0.89 last year. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: CN¥0.89 (vs CN¥0.14 in FY 2024) Full year 2025 results: EPS: CN¥0.89 (up from CN¥0.14 in FY 2024). Revenue: CN¥656.2b (up 4.6% from FY 2024). Net income: CN¥10.1b (up CN¥8.44b from FY 2024). Profit margin: 1.5% (up from 0.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 30
SAIC Motor Corporation Limited to Report Q1, 2026 Results on Apr 30, 2026 SAIC Motor Corporation Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 26
SAIC Motor Corporation Limited to Report Fiscal Year 2025 Results on Apr 02, 2026 SAIC Motor Corporation Limited announced that they will report fiscal year 2025 results on Apr 02, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: CN¥0.18 (up from CN¥0.024 in 3Q 2024). Revenue: CN¥169.4b (up 16% from 3Q 2024). Net income: CN¥2.08b (up CN¥1.80b from 3Q 2024). Profit margin: 1.2% (up from 0.2% in 3Q 2024). Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Sep 30
SAIC Motor Corporation Limited to Report Q3, 2025 Results on Oct 31, 2025 SAIC Motor Corporation Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Reported Earnings • Aug 31
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: CN¥0.26 (down from CN¥0.34 in 2Q 2024). Revenue: CN¥158.7b (up 12% from 2Q 2024). Net income: CN¥2.99b (down 24% from 2Q 2024). Profit margin: 1.9% (down from 2.8% in 2Q 2024). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 43%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Price Target Changed • Aug 30
Price target increased by 7.5% to CN¥19.15 Up from CN¥17.82, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of CN¥18.79. Stock is up 50% over the past year. The company is forecast to post earnings per share of CN¥0.92 for next year compared to CN¥0.14 last year. Announcement • Jun 30
SAIC Motor Corporation Limited to Report First Half, 2025 Results on Aug 29, 2025 SAIC Motor Corporation Limited announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • May 30
SAIC Motor Corporation Limited, Annual General Meeting, Jun 27, 2025 SAIC Motor Corporation Limited, Annual General Meeting, Jun 27, 2025, at 09:30 China Standard Time. New Risk • May 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). New Risk • May 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.3% Last year net profit margin: 1.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: CN¥0.26 (up from CN¥0.24 in 1Q 2024). Revenue: CN¥140.9b (down 1.5% from 1Q 2024). Net income: CN¥3.02b (up 11% from 1Q 2024). Profit margin: 2.1% (up from 1.9% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
SAIC Motor Corporation Limited to Report Q1, 2025 Results on Apr 30, 2025 SAIC Motor Corporation Limited announced that they will report Q1, 2025 results on Apr 30, 2025 Major Estimate Revision • Feb 19
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥0.749 to CN¥0.632 per share. Revenue forecast steady at CN¥641.2b. Net income forecast to grow 3.0% next year vs 30% growth forecast for Auto industry in China. Consensus price target up from CN¥14.96 to CN¥15.72. Share price fell 4.0% to CN¥17.66 over the past week. Major Estimate Revision • Jan 28
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥0.889 to CN¥0.732 per share. Revenue forecast steady at CN¥646.9b. Net income forecast to grow 11% next year vs 30% growth forecast for Auto industry in China. Consensus price target up from CN¥14.21 to CN¥14.96. Share price was steady at CN¥17.16 over the past week. Price Target Changed • Jan 27
Price target increased by 8.2% to CN¥14.96 Up from CN¥13.82, the current price target is an average from 12 analysts. New target price is 13% below last closing price of CN¥17.16. Stock is up 23% over the past year. The company is forecast to post earnings per share of CN¥0.73 for next year compared to CN¥1.23 last year. New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Price Target Changed • Jan 09
Price target increased by 7.0% to CN¥13.99 Up from CN¥13.07, the current price target is an average from 12 analysts. New target price is 20% below last closing price of CN¥17.41. Stock is up 30% over the past year. The company is forecast to post earnings per share of CN¥0.93 for next year compared to CN¥1.23 last year. Announcement • Jan 07
JSW Group Reportedly in Talks to Acquire Everstone Capital's 8% Stake in MG India The JSW Group is nearing the completion of negotiations with Everstone Capital to acquire its 8% stake in MG India. According to a report by The Times of India, the discussions have reached an advanced stage, focusing on the financial terms and the premium JSW is willing to pay. Currently, JSW Group, led by industrialist Sajjan Jindal, holds a 35% stake in MG India. Should the deal proceed, JSW’s ownership would increase to 43%. Despite this significant increase, it would still fall short of a controlling majority. Uncertain remains on whether JSW plans to acquire additional shares from other stakeholders to consolidate its position further. Everstone Capital owns 8% of MG India, and another 8% is shared between MG dealers and employees. The 8% stake held by Everstone Capital is valued at approximately INR 10.00 billion - INR 12.00 billion, the report added. MG India’s parent company, China-based SAIC Motor Corporation Limited (SHSE:600104), retains a 49% stake in the joint venture. The collaboration between JSW and SAIC, known as JSW MG Motor India, was formalised in late 2023, with an initial investment exceeding INR 50.00 billion. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥21.04, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Auto industry in China. Total returns to shareholders of 12% over the past three years. Announcement • Dec 27
SAIC Motor Corporation Limited to Report Fiscal Year 2024 Results on Apr 30, 2025 SAIC Motor Corporation Limited announced that they will report fiscal year 2024 results on Apr 30, 2025 Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to CN¥16.73, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Auto industry in China. Total loss to shareholders of 12% over the past three years. Major Estimate Revision • Nov 06
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥687.4b to CN¥616.8b. EPS estimate fell from CN¥1.07 to CN¥0.863 per share. Net income forecast to grow 24% next year vs 36% growth forecast for Auto industry in China. Consensus price target down from CN¥13.44 to CN¥13.07. Share price was steady at CN¥13.28 over the past week. Reported Earnings • Oct 31
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CN¥0.024 (down from CN¥0.38 in 3Q 2023). Revenue: CN¥145.8b (down 26% from 3Q 2023). Net income: CN¥279.7m (down 94% from 3Q 2023). Profit margin: 0.2% (down from 2.2% in 3Q 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 91%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
SAIC Motor Corporation Limited to Report Q3, 2024 Results on Oct 31, 2024 SAIC Motor Corporation Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥14.63, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Auto industry in China. Total loss to shareholders of 16% over the past three years. Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥731.7b to CN¥688.4b. EPS estimate also fell from CN¥1.28 per share to CN¥1.12 per share. Net income forecast to shrink 7.4% next year vs 32% growth forecast for Auto industry in China . Consensus price target down from CN¥14.94 to CN¥13.49. Share price fell 3.2% to CN¥12.15 over the past week. Price Target Changed • Sep 04
Price target decreased by 9.7% to CN¥13.49 Down from CN¥14.94, the current price target is an average from 12 analysts. New target price is 12% above last closing price of CN¥12.09. Stock is down 18% over the past year. The company is forecast to post earnings per share of CN¥1.07 for next year compared to CN¥1.23 last year. New Risk • Sep 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 31
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: CN¥0.34 (down from CN¥0.37 in 2Q 2023). Revenue: CN¥141.6b (down 22% from 2Q 2023). Net income: CN¥3.91b (down 9.0% from 2Q 2023). Profit margin: 2.8% (up from 2.4% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 28%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jun 28
SAIC Motor Corporation Limited to Report First Half, 2024 Results on Aug 30, 2024 SAIC Motor Corporation Limited announced that they will report first half, 2024 results on Aug 30, 2024 Major Estimate Revision • May 08
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥667.5b to CN¥745.1b. EPS estimate fell from CN¥1.35 to CN¥1.28. Net income forecast to grow 10% next year vs 30% growth forecast for Auto industry in China. Consensus price target broadly unchanged at CN¥15.27. Share price fell 2.1% to CN¥14.55 over the past week. Reported Earnings • Apr 30
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: CN¥0.24 (down from CN¥0.24 in 1Q 2023). Revenue: CN¥143.1b (down 1.9% from 1Q 2023). Net income: CN¥2.71b (down 2.5% from 1Q 2023). Profit margin: 1.9% (in line with 1Q 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Mar 30
SAIC Motor Corporation Limited, Annual General Meeting, Jun 28, 2024 SAIC Motor Corporation Limited, Annual General Meeting, Jun 28, 2024, at 10:00 China Standard Time. Location: 3F, Building 3, No. 79, Tongjia Road, Hongkou District, Shanghai China Reported Earnings • Mar 30
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.23 (down from CN¥1.40 in FY 2022). Revenue: CN¥744.7b (flat on FY 2022). Net income: CN¥14.1b (down 13% from FY 2022). Profit margin: 1.9% (down from 2.2% in FY 2022). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 5.8%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 29
SAIC Motor Corporation Limited to Report Q1, 2024 Results on Apr 30, 2024 SAIC Motor Corporation Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Dec 29
SAIC Motor Corporation Limited to Report Fiscal Year 2023 Results on Mar 30, 2024 SAIC Motor Corporation Limited announced that they will report fiscal year 2023 results on Mar 30, 2024 Announcement • Dec 02
JSW Group signed an agreement to acquire 35% stake in MG Motor India Private Limited from SAIC Motor Corporation Limited. JSW Group signed an agreement to acquire 35% stake in MG Motor India Private Limited from SAIC Motor Corporation Limited on November 30, 2023. EY acted as the exclusive financial advisor to the JSW Group: Financial due diligence; Coordination/review of due diligence; Tax due diligence; Negotiations of terms and conditions; Management of other advisors/process; Valuation analysis before or during negotiations; Advice on negotiation; Valuation - model review; Sale and purchase agreement advice/ Structuring; Advice on tax-efficient financing of acquisitions. Reported Earnings • Oct 27
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: CN¥0.38 (down from CN¥0.50 in 3Q 2022). Revenue: CN¥196.8b (down 6.9% from 3Q 2022). Net income: CN¥4.32b (down 25% from 3Q 2022). Profit margin: 2.2% (down from 2.7% in 3Q 2022). Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 13% per year. Announcement • Sep 30
SAIC Motor Corporation Limited to Report Q3, 2023 Results on Oct 27, 2023 SAIC Motor Corporation Limited announced that they will report Q3, 2023 results on Oct 27, 2023 Buying Opportunity • Jul 19
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥17.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.3%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 41% in the next 2 years. Announcement • Jul 13
Audi Reportedly Seeks to Buy Chinese EV Platform AUDI AG is in talks with SAIC Motor Corporation Limited (SHSE:600104) to buy an electric vehicle platform from the Chinese state-owned automaker, two people familiar with the matter said, an unprecedented effort to shore up market share. The move, coming as sales of Audi's EV products fall sharply behind those of Tesla and domestic competitors such as Nio, spotlights the pressure on all legacy and Western brands in the world's largest auto market, as they battle over EVs. The premium car brand of Volkswagen AG (VOWG_p.DE) seeks to take over the EV platform owned by SAIC's EV unit, Zhiji Motor Technology Co., Ltd. (IM Motors), said the sources, who sought anonymity as the matter is private. Talks are at an advanced stage, one of them added. IM Motors, which started delivery of its first model, the L7 sedan, in June 2022, is a premium EV brand controlled by SAIC and its investors include e-commerce giant Alibaba Group (9988.HK). Audi declined to comment on whether the talks were taking place. SAIC declined to comment. Reuters was not immediately able to establish the price Audi has offered for the EV platform and whether SAIC would still be involved in making the L7 sedan after the deal. Announcement • Jun 16
Mahindra & Mahindra, Hinduja Group Reportedly Join Race to Buy MG Motor India Automobile major Mahindra & Mahindra Limited (NSEI:M&M) and Hinduja Group Limited, promoter of Ashok Leyland Limited (NSEI:ASHOKLEY), have joined the race to acquire a significant stake in MG Motor India Private Limited, a wholly owned arm of Shanghai-headquartered SAIC Motor Corporation Limited (SHSE:600104), investment banking sources told Business Standard on June 14, 2023. The Sajjan Jindal-led JSW group has already evinced interest to take up to 48% stake in MG Motor India. The company's valuation is pegged at over INR 80 billion, the sources said. MG Motor India, which has about 1% share in the domestic passenger vehicle market, has sought expressions of interest from Indian firms, but no binding offers have been made so far, according to the sources. Announcement • Jun 14
SAIC Motor Corporation Limited (SHSE:600104) announces an Equity Buyback for CNY 2,000 million worth of its shares. SAIC Motor Corporation Limited (SHSE:600104) announces a share repurchase program. Under the program, the company will repurchase up to CNY 2,000 million worth of its shares. The shares will be repurchased at a price not more than CNY 20.68 per share. The shares repurchased will be used for employee stock ownership plans or equity incentives. The program will be valid for 12 months. Price Target Changed • May 06
Price target decreased by 7.2% to CN¥16.57 Down from CN¥17.85, the current price target is an average from 14 analysts. New target price is 20% above last closing price of CN¥13.85. Stock is down 15% over the past year. The company is forecast to post earnings per share of CN¥1.45 for next year compared to CN¥1.40 last year. Major Estimate Revision • May 05
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥817.1b to CN¥780.4b. EPS estimate also fell from CN¥1.84 per share to CN¥1.51 per share. Net income forecast to grow 24% next year vs 37% growth forecast for Auto industry in China. Consensus price target down from CN¥17.85 to CN¥16.96. Share price was steady at CN¥13.85 over the past week. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.24 (vs CN¥0.48 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.24 (down from CN¥0.48 in 1Q 2022). Revenue: CN¥145.9b (down 20% from 1Q 2022). Net income: CN¥2.78b (down 50% from 1Q 2022). Profit margin: 1.9% (down from 3.0% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 9% per year. Price Target Changed • Dec 06
Price target decreased to CN¥17.85 Down from CN¥19.32, the current price target is an average from 15 analysts. New target price is 17% above last closing price of CN¥15.29. Stock is down 27% over the past year. The company is forecast to post earnings per share of CN¥1.61 for next year compared to CN¥2.12 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Zheng Sun was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 04
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥800.4b to CN¥775.7b. EPS estimate also fell from CN¥1.97 per share to CN¥1.62 per share. Net income forecast to grow 44% next year vs 33% growth forecast for Auto industry in China. Consensus price target down from CN¥19.32 to CN¥18.46. Share price was steady at CN¥14.17 over the past week. Reported Earnings • Oct 29
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.50 (down from CN¥0.61 in 3Q 2021). Revenue: CN¥211.4b (up 13% from 3Q 2021). Net income: CN¥5.74b (down 18% from 3Q 2021). Profit margin: 2.7% (down from 3.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 7.2%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 26
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: CN¥0.12 (down from CN¥0.56 in 2Q 2021). Revenue: CN¥133.5b (down 25% from 2Q 2021). Net income: CN¥1.39b (down 78% from 2Q 2021). Profit margin: 1.0% (down from 3.7% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 66%. Over the next year, revenue is forecast to grow 16%, compared to a 53% growth forecast for the Auto industry in China. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Aug 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥2.20 to CN¥1.63 per share. Revenue forecast steady at CN¥811.5b. Net income forecast to shrink 7.8% next year vs 40% growth forecast for Auto industry in China . Consensus price target down from CN¥19.99 to CN¥19.49. Share price fell 2.4% to CN¥15.88 over the past week. Announcement • Aug 17
SAIC Motor Corporation Limited announced that it has received CNY 1 billion in funding from Momenta Ventures AG, and other investors SAIC Motor Corporation Limited announced that it has received CNY 1 billion in a round of funding on August 16, 2022. The transaction included participation from Momenta Ventures AG, and several other institutions. Buying Opportunity • Jul 04
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥21.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.8%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Major Estimate Revision • May 10
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥832.8b to CN¥818.2b. EPS estimate also fell from CN¥2.41 per share to CN¥2.14 per share. Net income forecast to grow 14% next year vs 37% growth forecast for Auto industry in China. Consensus price target down from CN¥22.88 to CN¥21.02. Share price was steady at CN¥15.88 over the past week. Price Target Changed • May 07
Price target decreased to CN¥21.21 Down from CN¥22.88, the current price target is an average from 18 analysts. New target price is 30% above last closing price of CN¥16.34. Stock is down 18% over the past year. The company is forecast to post earnings per share of CN¥2.17 for next year compared to CN¥2.12 last year. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.48 (down from CN¥0.59 in 1Q 2021). Revenue: CN¥182.5b (down 3.5% from 1Q 2021). Net income: CN¥5.52b (down 19% from 1Q 2021). Profit margin: 3.0% (down from 3.6% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 9.8%. Over the next year, revenue is forecast to grow 10%, compared to a 19% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Director Ruoshan Li was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥23.01, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Auto industry in China. Total loss to shareholders of 3.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥21.09 per share. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS CN¥0.61 (vs CN¥0.71 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥186.6b (down 13% from 3Q 2020). Net income: CN¥7.04b (down 15% from 3Q 2020). Profit margin: 3.8% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Sep 12
Shanghai Diesel Engine Co., Ltd. (SHSE:900920) agreed to acquire 6.1% stake in Shanghai Hydrogen Propulsion Technology Co., Ltd. from SAIC Motor Corporation Limited (SHSE:600104) for approximately RMB 200 million. Shanghai Diesel Engine Co., Ltd. (SHSE:900920) agreed to acquire 6.1% stake in Shanghai Hydrogen Propulsion Technology Co., Ltd. from SAIC Motor Corporation Limited (SHSE:600104) for approximately RMB 200 million on September 10, 2021. Announcement • Sep 10
SAIC Motor Corporation Limited (SHSE:600104) announces an Equity Buyback for CNY 3,000 million worth of its shares. SAIC Motor Corporation Limited (SHSE:600104) announces a share repurchase program. Under the program, the company will repurchase up to CNY 3,000 million worth of its shares. The shares will be repurchased at a price not more than CNY 28.91 per share. The repurchases will be funded using company's own funds. The shares repurchased will be used for employee stock ownership plans or equity incentives. The program will be valid for 12 months. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.56 (vs CN¥0.62 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: CN¥177.0b (flat on 2Q 2020). Net income: CN¥6.47b (down 11% from 2Q 2020). Profit margin: 3.7% (down from 4.1% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 10
Price target decreased to CN¥23.89 Down from CN¥26.05, the current price target is an average from 21 analysts. New target price is 19% above last closing price of CN¥20.02. Stock is up 11% over the past year. Reported Earnings • May 02
First quarter 2021 earnings released: EPS CN¥0.59 (vs CN¥0.096 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥189.1b (up 79% from 1Q 2020). Net income: CN¥6.85b (up CN¥5.73b from 1Q 2020). Profit margin: 3.6% (up from 1.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 31
Price target decreased to CN¥26.39 Down from CN¥28.93, the current price target is an average from 20 analysts. New target price is 34% above last closing price of CN¥19.67. Stock is down 0.3% over the past year. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS CN¥1.75 (vs CN¥2.19 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥742.1b (down 12% from FY 2019). Net income: CN¥20.4b (down 20% from FY 2019). Profit margin: 2.8% (down from 3.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Mar 04
SAIC Motor Corporation Limited to Report Fiscal Year 2020 Results on Mar 26, 2021 SAIC Motor Corporation Limited announced that they will report fiscal year 2020 results on Mar 26, 2021 Is New 90 Day High Low • Feb 26
New 90-day low: CN¥21.25 The company is down 22% from its price of CN¥27.08 on 27 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥22.71 per share. Is New 90 Day High Low • Jan 29
New 90-day low: CN¥21.94 The company is down 5.0% from its price of CN¥23.15 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥22.71 per share. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥26.16, the stock is trading at a trailing P/E ratio of 14.2x, up from the previous P/E ratio of 12.4x. This compares to an average P/E of 54x in the Auto industry in China. Total return to shareholders over the past three years is a loss of 5.5%. Price Target Changed • Nov 06
Price target raised to CN¥25.20 Up from CN¥23.14, the current price target is an average from 23 analysts. The new target price is 8.4% below the current share price of CN¥27.50. As of last close, the stock is up 16% over the past year. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 19% share price gain to CN¥27.50, the stock is trading at a trailing P/E ratio of 15x, up from the previous P/E ratio of 12.6x. This compares to an average P/E of 56x in the Auto industry in China. Total return to shareholders over the past three years is a loss of 1.1%. Is New 90 Day High Low • Nov 05
New 90-day high: CN¥25.41 The company is up 40% from its price of CN¥18.10 on 07 August 2020. The Chinese market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.96 per share. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥21.5b, down 26% from the prior year. Total revenue was CN¥756.6b over the last 12 months, down 6.9% from the prior year. Analyst Estimate Surprise Post Earnings • Nov 01
Third-quarter earnings released: Revenue and earnings beat expectations Third-quarter revenue exceeded analyst estimates by 5.9% at CN¥210.1b. Earnings per share (EPS) also surpassed analyst estimates by 37% at CN¥0.71. Revenue is forecast to grow 7.4% over the next year, compared to a 29% growth forecast for the Auto industry in China. Announcement • Oct 28
SAIC Motor Corporation Limited to Report Q3, 2020 Results on Oct 31, 2020 SAIC Motor Corporation Limited announced that they will report Q3, 2020 results on Oct 31, 2020 Is New 90 Day High Low • Oct 20
New 90-day high: CN¥21.11 The company is up 11% from its price of CN¥18.94 on 22 July 2020. The Chinese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.66 per share. Announcement • Jul 10
SAIC Motor Corporation Limited to Report First Half, 2020 Results on Aug 28, 2020 SAIC Motor Corporation Limited announced that they will report first half, 2020 results on Aug 28, 2020 
