Brilliance China Automotive Holdings Ltd

01114: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$1.20	Msh	Chz

Major Governance Failures and Uncertainty in Restructuring Post Great Risks to Outlook

Vincent Sun

Apr 16, 2024

Business Strategy and Outlook

Brilliance China Automotive’s earnings growth hinges on expanding Brilliance BMW Automotive, the joint venture with BMW, while limiting losses from its minivan business. While Brilliance sold a 25% stake in the BBA JV to BMW in 2022, future localization of higher-end models and a rise in export volume will partially offset the drop in share of BBA's profits attributed to Brilliance, in our view.

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