中金:上調中升控股(0881.HK)目標價至59.3港元 評級“優於大市”
中金髮布報告稱,看好豪華汽車品牌增長空間及經銷商集中度提升的整合空間,而中升控股(0881.HK)作為中國第二大奔馳經銷商,預計中長期盈利結構和能力能夠支撐公司估值提升,中金上調公司目標價28%至59.3港元,並維持“優於大市”評級。
中金指出,中升旗下間接全資附屬公司擬以淨對價7.2億元人民幣收購6家奔馳4S店、2家路虎4S店,其中包括3塊自有土地,認為作價較為合理。收購後公司奔馳網點數量將達到58家,考慮到奔馳在新車銷售、售後及佣金業務方面都維持較高的盈利性,或將提升公司毛利率。
中金稱,目前公司連續獲得惠譽及穆迪評級,財務成本有望下降,考慮中升控股盈利結構不斷改善及經營現金流強勁,且收購後整合能力較強,有望帶動估值上升,暫維持公司今、明兩年盈利預測不變。

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