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交銀國際:維持中升控股(0881.HK)買入評級 目標價上調至106.5港元
格隆匯 07-02 14:01

交銀國際發表吿,指中升控股(0881.HK)計劃以總代價13億美元,收購怡和旗下仁孚中國的全部股權。據交行對仁孚中國2021年淨利潤預測,估計收購價對應2021年約10倍市盈率估值 ,遠低於中升16.5倍市盈率。根據收購後2021年市盈率25倍市盈率,將目標價從99.5港元上調至106.5港元,維持買入評級。

報吿指,仁孚中國的盈利品質高,顯示其新車銷售利潤率和成本控制良好,交銀國際預計這將進一步推動中升的盈利增長。認為中升是中國強勁豪華車需求的最大受益者,主要由於其強大的品牌組合和良好的成本控制,下半年亦首選中升。

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