《大行報告》大摩下調永達汽車(03669.HK)目標價至15.5元 評級「增持」
摩根士丹利發表研究報告指,永達汽車(03669.HK)公布首季盈利按年下跌13%,按季更下跌32%,基本符合市場已下調的預期,指出由於公司有約40%收入來自上海,首季盈利受到「封城」的影響,相信公司第二季將迎來更多挑戰。
大摩表示,受上海封城及長期晶片短缺影響,期內新車銷量下跌27%,當中受中高端車銷量跌50%,豪車銷量相對具彈性,僅跌14%。
該行表示,永達上海經銷商門店料將繼續受到封城措施的影響,短期內重新開業可能性有限,加上新車供應中斷及汽車維修需求下降,將永達2022年至2024年的盈利預測下調4%至6%,以反映新車和售後服務收入疲軟以及新店推遲開張,下調對其目標價由17元降至15.5元,此按現金流折現率作估值,相當預測今年市盈率9倍。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.