Brilliance China Reports Record Profits as BMW Sales Increase
Their stock price grew by 13 percent, to HK$12, the highest since they started trading in 1999. This goes to prove that BMW's estimations that China will overpass the US in sales still seems to be a valid statement.
“We see these results as a continuation of Brilliance’s growth trajectory. Brilliance expects 50 more BMW dealers to open in H2, which should support growth in future years,” analysts at Sanford C. Bernstein & Co. led by Max Warburton wrote in a note yesterday.
“We see Brilliance as the Chinese auto stock with the best guaranteed growth,” they added later. The profit reported by Brilliance for the first half of the year were of 2.03 billion yuan ($332 million), better than the 1.4 billion yuan estimates analyst posted earlier this year.