Contents
US auto woes create opportunities................................................................................ 2
Door opened a bit wider to the US 4
US market opportunity for Chinese autos 6
Jaguar Land Rover could be a beneficiary in the US 6
The Home Markets ........................................................................................................ 7
Korea: Keys in the ignition, engine running 7
GM plans to stay the course in China 9
GM bankruptcy may have fallout on India sales 12
Financial statements – P&L, Balance sheet and Cash flow ........................................ 16
Korea
Hyundai Mobis – BUY; CP: KRW104,000; TP: KRW139,000 16
Hyundai Motor – BUY; CP: KRW71,600; TP: KRW86,000 18
Kia Motors – HOLD; CP: KRW 12,400; TP: KRW12,500 20
China
Denway Motors – BUY; CP: HKD3.76; TP: HKD3.35 22
Great Wall Motor – BUY; CP: HKD6.06; TP: HKD7.85 24
Minth Group – BUY; CP: HKD 5.94; TP: HKD6.78 26
Xinyi Glass – BUY; CP: HKD6.11; TP: HKD7.80 28
India
Mahindra & Mahindra – BUY; CP: INR 696.85; TP: INR393.00 30
Maruti Suzuki India – HOLD; CP: INR1,044.90; TP: INR1,040.00 32
Tata Motors – REDUCE; CP: INR362.30; TP: INR92.00 34