《大行報告》大和下調永達汽車(03669.HK)目標價至9.2元 但指收購作價合理
大和發表報告,就永達汽車(03669.HK)公布收購內地三家4S經銷店,包括一家保時捷、一家奔馳及一家凌志4S經銷店,及一家特斯拉授權維修中心,對價為8.3億元人民幣,該行認為收購作價合理,作價較每股資產淨值有溢價40%,相當經調整市盈6.7倍,對比永達今年預測市盈率7.2倍,並指資產具質素,為長遠業務提供動力。
該行表示,維持永達汽車「買入」投資評級,下調目標價由9.5港元降至9.2港元,主要反映港元兌人民幣匯率調整因素,對其估值維持2019年至2020年平均市盈率9倍,料公司於2019年及2020年盈利增長強勁,認為股份具價值及吸引。
大和料,收購計劃可為永達汽車於2020至2021年提供約5%純利貢獻,並決定上調對其2020年至2021年每股盈利預測介乎1至1.4%,以反映其對新BMW 3系在9月進行推廣,時間早於預期。
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