《大行報告》瑞信上調永達汽車(03669.HK)目標價至18元 評級「跑贏大市」
瑞信發表的研究報告指,永達汽車(03669.HK)公佈出售汽車融資業務的80%權益,涉資4.47億元人民幣(下同),該行認爲交易有正面影響,主要因爲有助降低負債比率,意味未來借貸利率有望降低,而相關交易帶來的4.47億元現金流有望透過潛在的收購帶來增長,同時出售汽車融資資產或會帶來重估,主要因爲過往投資者對汽車融資相關資產存在憂慮。
該行估計第二季公司新車利潤將有改善,主要因爲零售折扣減少,而5月份保時捷品牌於內地市場平均折扣按季收窄1.4個百分點至4.3%。寶馬內地平均折扣則按季收窄1.8個百分點至11.4%,所以該行估計公司次季將錄6億元淨利,相當於按年升27%、按季升14%。
考慮到今年以來公司表現好過預期,該行將其2021至2023年盈利預測升1.1%至1.6%,目標價由17元升至18元,評級維持「跑贏大市」。
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