《大行報告》瑞銀上調永達汽車(03669.HK)目標價至18.7元 評級「買入」
瑞銀發表研究報告指以銷量計永達(03669.HK)作為保時捷在中國最大的經銷商,相信其可以受惠新一代Macan在第三季推出(Macan於去年佔保時捷總收入40%),相信市場正低估保時捷對公司新車毛利的貢獻。
該行指,預期公司自由現金流可改善至健康水平,因資本開支周期已到頂,並實施嚴謹的庫存控制,相信在健康的資產負債表下,有助改善競爭力。
該行表示,公司估值吸引,相信2020至23年盈利的年複合增長率可達25%,可支持穩定派息,目標價由17.5元升至18.7元,評級「買入」。
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