《大行報告》中金上調中升(00881.HK)目標價至80.5元 指收購大型奔馳經銷商可帶來催化
中金髮表報告表示,中升(00881.HK)公佈以總代價13億美元收購仁孚中國,指仁孚中國是奔馳在華南及華西地區最大的銷商之一,按照2020年公司業績計算,估值約預測2020年市賬率1.9倍及市盈率14倍,公司料以現金及發行股份方式支付對價,即現金支付9億美元加上發行股份支付4億美元(以每股63.4港元作價發行4,898萬股,相當於擴大後股本2%),認爲是次收購估值具有較強吸引力,且發行股份承諾18個月禁售期,料將帶來較強的安全邊際,或將釋放股價較強的催化劑。
該行指,仁孚中國當前擁有37家奔馳網點,包括26家經銷店、約10家在建門店。截至2020年年底,中升擁有奔馳門店63家,本次收購完成後,奔馳經銷門店達到89家或以上,奔馳網絡覆蓋進一步加密擴大,公司奔馳的經銷龍頭地位將獲得鞏固。
中金上調中升控股目標價10.3%至80.5港元,此相當預測2022年預測市盈率18.5倍,調升其2021年及2022年淨利潤預測各4.1%及4.6%,指是考慮到公司在豪華品牌的盈利能力持續強勁,且收購帶來催化劑。
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