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大摩:降正通汽車(1728.HK)目標價至2.9港元 評級“增持”
格隆匯 10-03 10:46

摩根士丹利發表報告指,捷豹路虎(JLR)的銷量有早期復甦跡象,其在8月的零售銷售按年錄17%增長,主要由於比較基數低。雖然零售的銷售折扣仍大,但該行預期捷豹路虎將會透過型號週期更新,逐漸收窄整體折扣水平。

該行表示,由於捷豹路虎透過更為平衡的供需動態使折扣收窄,加上奧迪(Audi)潛在的OEM回扣,及寶馬通過新車款週期穩定毛利率,預期正通汽車(01728.HK)的毛利率有上升空間。

大摩下調對正通汽車今年至2021年的盈測介乎17%至19%,股份目標價由3.6港元降至2.9港元,以反映新車銷售減少及汽車金融業務擴張放慢,評級則維持“增持”

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