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                          | jNkZNzQWOEw  [2019-07-24] |  
                          | A jiffy bag http://imagefapbeta.in.net/ dominika c cute lips imagefap  We believe Chinese car sales growth is set to run at a slower pace going forward and will collide with large increases in production capacity. Direct government financial assistance appears to be playing a role in China’s fast increasing capacity, which will ultimately lower returns. Our framework takes account of technology, R&D competence, growth and cash valuation. We rate Brilliance (HK$13 price target) and Dongfeng (HK$17) outperform. We rate Great Wall (HK$36) and GAC (HK$7) market-perform. We rate Geely (HK$3) underperform. |  |