《大行報告》大摩首予美東汽車(01268.HK)「增持」評級 目標價20元
摩根士丹利發表研究報告指,美東汽車(01268.HK)產品組合較同行簡單得多,專注銷售的寶馬、保時捷、豐田及LEXUS都具有良好品牌知名度,加上公司庫存周轉快,新店快速擴張並主打低線城市,預計其2020至2022年盈利年複合增長率將達到45%,遠超同業的15%至20%。
大摩指,雖然比起中升控股(00881.HK)及永達汽車(03669.HK),美東汽車經營規模較小,但其投資回報率表現強勁,去年股本回報率為32%,對比同業為5%至21%;對比同業庫存為34至43天,美東亦保持較低的庫存水平,截至去年底為17天。
大摩又指,雖然目前內地仍受疫情問題困擾,但該行認為不會影響到受歡迎的海外汽車品牌,指美東戰略性地專注於富裕的低線城市發展,避開一、二線城市的激烈競爭,把握了消費升級的機會。該行給予集團目標價20元,首予「增持」評級。
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