麦格理:维持广汽(2238.HK)评级“跑赢大市” 目标价9.6港元
麦格理报告指,相信广汽(02238.HK)仍然拥有良好定位,可受惠于中国的汽车替换需求增加、具竞争力产品的推出,及丰田和本田的品牌认知度良好。

该行表示,因强劲的销售及增值税削减,广汽与丰田的合营在今年上半年的盈利按年增长36%,受新型号推出及产能扩充等所支持,相信该合营在来年可继续有稳健的销售及盈利增长。至於本田合营,由于「Fit」车型因排放标准提升使付运暂停,该合营的销售增长在下半年料会有所放缓,但相信明年会再重拾增长势头。
麦格理下调对广汽的股份目标价,由13.4港元降至9.6港元,评级维持“跑赢大市”,今明两年每股盈利预测亦分别下调26%及29%。该行预期,集团「传祺」品牌及快意佳士拿合营会继续面对挑战,但相信有关疲弱情况已大部分在股价上反映。
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