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《大行報告》麥格理首予美東汽車(01268.HK)「跑贏大市」評級 目標價34元
麥格理發表報告指,首予美東汽車(01268.HK)「跑贏大市」評級及目標價34元,相當於預測今年市盈率29倍。該行認為,美東在汽車經銷行業擁有獨特的模式,可以最大限度地提高營運效率以提高盈利能力、擴大現金流並進一步擴大業務規模,相信其2022至24財年的每股盈利複合年增長率將優於其2019至22財年。 該行指,美東汽車2022至2024財年的淨利潤複合年增長率為37%,高於同業中升(00881.HK)及永達汽車(03669.HK)各26%及30%,因此美東汽車的較高估值屬合理。該行提到,集團在內地低線城市面臨的競爭激烈程度較低,使其在市場上具有競爭力,並在更換需求增加時提供優勢。 麥格理預計,豪華品牌在2022年佔集團總收入的78%,其中料寶馬、保時捷和雷克薩斯將分別貢獻總收入的27%、37%和14%。該行認為,持續的品牌組合轉變應該有助於集團保持較高的新車銷售利潤率。
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