港股異動 | 永達汽車漲逾5% 受益高價值品牌換車需求 獲高盛納入確信買入清單
格隆匯1月31日丨永達汽車(3669.HK)現報8.62港元,漲5.51%,暫成交2539萬港元,最新總市值158.6億港元。
高盛日前發研報指,中國汽車業正面臨結構性消費轉變,預期過去5年大部分市場由新車買家撐起,而未來5年則會有由換車需求撐起。客人將可承受更高價值品牌的車輛,相信可以有利永達。目前預期公司2019-21年每股盈利年複合增長率為21%,當中包括新車收入年增長7%、售後增長13%,毛利從銷售組合中改善,同時重新評估Tesla在中國市場對寶馬和保時捷的增長表現。
該行將公司加入確信買入清單,重估其2020-21年盈利可見性,目前公司的市盈率為7.5倍,股息率為4.7%,相等於33%的派息比率,目標價由9.2港元升至17.8港元。
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