美銀證券:升永達汽車(3669.HK)目標價至11.6港元 重申“買入”評級
美銀證券發表研究報告指,永達汽車(3669.HK)
以2.58億元人民幣收購奔馳上海店,市盈率約7.4倍,低於公司目前估值的9.3倍,公司目前擁3間奔馳門店。受到寶馬、保時捷和奔馳推動,該行預期永達可以有穩定的增長,目標價由9.9港元升至11.6港元,重申“
買入
”評級。
該行指,公司於內地為寶馬和保時捷的最大經銷商,市佔率分別達9%及11%。按公司指,短期的催化劑包括保時捷店鋪擴張和預期今年銷售增長會有30%。寶馬於2019年12月至今年3月給予經銷商1.5%的回贈,相信今年會繼續給予經銷商高回贈。公司目標今年寶馬銷量增長為10%,新車銷售利潤為3%,高於去年的2-2.5%。
該行較看好汽車經銷商多於製造商,主因汽車用户增加、豪華車客户的留存率較高、豪華品牌的新車銷售增長穩定。售後服務方面亦帶動公司盈利增長。因應公司60%的店是低於5年,相信未來有寬敞增長空間。
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.