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瑞信:升正通汽車(1728.HK)目標價至3.8港元 評級“跑贏大市”
格隆匯 12-12 10:56

瑞信發表報告表示,近日瞭解到寶馬已宣佈明年首季為經銷商提供的補貼政策,幅度較今年第四季提升,相信是由於第三季開始寶馬減少補貼,令經銷商新車銷售的利潤率有所下跌,預期明年補貼再度增加將有助扭轉正通現有頹勢,將其2020及2021年盈利預測分別上調1.8%及2.8%。

報告指,同為寶馬主要經銷商的永達汽車(03669.HK),今年第三季寶馬新車毛利率錄2.04%,低於上半年的2.41%。而永達及正通的股價於過去三個月分別累跌16%和7%,該行相信,主要是由於第三季業績疲軟,以及寶馬3系零售折扣不斷提高,新一代3系面市後三個月折扣已高達10%所致。

瑞信指出,寄望明年上半年好過預期的現金補助可扭轉經銷商的弱勢,將正通的目標價上調至3.8港元(原本3.6港元),維持“跑贏大市”評級。

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