Denway Motors is involved mainly in the manufacture, assembly and trading of motor vehicles and related electrical equipment and parts. The company reported a net profit of HK$453 million for last year, a dramatic improvement on the HK$38 million made the year before. The bulk of its earnings were from GZ Honda, a 47.5 per cent-owned joint venture with Honda Motors. GZ Honda's domestic-sedan market share has expanded to 7.8 per cent in the first quarter of this year from 3.5 per cent in the same period last year, while its share in the mid-range to high-end sedan market was 24.8 per cent. ING Barings expects GZ Honda to maintain a growth momentum of 55 per cent during the year and recent uncertainty over competitor Brilliance China Automotive's management may entice some investment in Denway's direction. ING Barings has maintained a 'buy' recommendation on Denway's stock and has revised the company's price target to HK$2.73. Graphic: NOW10gwz