A rising Chinese premium EV brand: initiate at Neutral with PO at HKD4.10

研报英文原文证据摘录

A rising Chinese premium EV brand: initiate at Neutral with PO at HKD4.10

ever, greater reliance on external technology could

dilute differentiation in key software layers and introduce dependency risks, particularly

in ADAS and smart cockpit, where in-house capabilities are still developing.

DFM backing: strong support but TAM could be limited

As a controlled subsidiary of DFM (69.47% voting power), VOYAH benefits from strong

industrial support, including manufacturing scale, supply chain integration, R&D

resources, and long-established partnerships. At the same time, VOYAH maintains

independent management and brand positioning, supporting differentiation in the

premium NEV segment, although close group alignment may limit full strategic

flexibility. VOYAH avoids direct competition with DFM’s mass-market (eπ, Aeolus,

Forthing) and entry-level (Nammi) brands, while sitting below M-HERO’s ultra-high-end

positioning. However, adjacency with M-HERO at the high end and limited room to move

down-market may constrain pricing flexibility, requiring VOYAH to deepen differentiation

within its core segment.

Expect 35% EPS CAGR over 2026-28E; valuation

We forecast a net income CAGR of 35% over 2026-28E, helped by 21% vehicle sales

volume CAGR and product-mix improvement. Moving on to valuation, we derive our PO

of HKD4.10, based on the average of DCF and EV/sales valuation methods. We derive a

DCF-based fair value of HKD2.9, with assumptions of 1% FCF perpetuity growth rate

and WACC of 15.4%. We derive our EV/sales-based valuation of HKD5.3 by applying a

target multiple of 0.25x to our 2026E sales estimate for VOYAH. Our target EV/sales

multiple of 0.25x is also close to the average EV/sales of H-share auto OEM peers

(Geely, GWM-H, Leapmotor).

VOYAH | 25 June 2026 3