Brilliance China Automotive (1114.HK)：BBA July retail sales+14％，Outperform，TP HK$18.20

机构：麦格理

评级：买入

目标价：18.20港元

BBA delivered 32k vehicles to customers in July, up 14% YoY, mainly supported by the 5 Series (YTD: 247k units, +15% YoY). 

The JV’s wholesale shipments were 38k units in July, up 25% YoY. YTD total sales were up 15% YoY, well on track to meet our sales estimates. 

We reiterate Brilliance as our top pick in the China autos sector. 

Price catalyst 

12-month price target: HK$18.20 based on a PER methodology.  Catalyst: X3 sales trend; confirmation of local production of the X5 

Action and recommendation

We reiterate Brilliance as our top pick in the China auto sector and maintain our Outperform rating.