《大行报告》大和下调永达汽车(03669.HK)目标价至9.2元 但指收购作价合理
大和发表报告,就永达汽车(03669.HK)公布收购内地三家4S经销店,包括一家保时捷、一家奔驰及一家凌志4S经销店,及一家特斯拉授权维修中心,对价为8.3亿元人民币,该行认为收购作价合理,作价较每股资产净值有溢价40%,相当经调整市盈6.7倍,对比永达今年预测市盈率7.2倍,并指资产具质素,为长远业务提供动力。
该行表示,维持永达汽车「买入」投资评级,下调目标价由9.5港元降至9.2港元,主要反映港元兑人民币汇率调整因素,对其估值维持2019年至2020年平均市盈率9倍,料公司於2019年及2020年盈利增长强劲,认为股份具价值及吸引。
大和料,收购计划可为永达汽车於2020至2021年提供约5%纯利贡献,并决定上调对其2020年至2021年每股盈利预测介乎1至1.4%,以反映其对新BMW 3系在9月进行推广,时间早於预期。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.