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MERRILL LYNCH REPORT (2333) 

 As indicated in the report of Merrill Lynch, GREATWALL MOTOR (02333.HK)  -1.650 (-5.077%)    Short selling $265.43M; Ratio 25.525%   recorded a net profit of RMB 1.63 billion in the third quarter, representing a year-on-year decrease of 22%, which was 20% and 8.3% lower than the estimation of Merrill Lynch and market consensus.
Merrill Lynch cut the target price of Great Wall Motor from $23.98 to $21.61, reiterating the rating of Underperform. It is estimated that the EPS of 2014 to 2016 will be decreased by 7%, 10% and 10% respectively.

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