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Bitauto Holdings Limited American Depositary Shares (each representing one)
There’s a lot to like about Bitauto (BITA), even amidst the auto bloodbath. While the Chinese OEMs suffer from “peak auto” pessimism, Bitauto has similarly been relegated to the China penalty box on three counts: 1) Chinese auto slowdown, 2) Chinese tech stocks falling out-of-favour and 3) Rmb depreciation. As a result, BITA currently trades at a measly 16x earnings multiple despite enjoying low double-digit growth.
In this note, I dig into the Q2 numbers and find four key takeaways: 1) The core business remains resilient amidst the auto downturn, 2) the Yixin