匯豐研究:上調中升控股(0881.HK)、永達汽車(3669.HK)評級至“買入”
匯豐研究發表報告指,現時為去年對其覆蓋的汽車股下調評級是為時過早,並認為強大的上升動力仍會持續,以及引入了一種新的方法去評估估值。
該行續指,豪華汽車的銷售增速強勁,但盈利波動及太依賴銷售毛利率的現象似乎可被改變,因為早前將穩定及經常性的售後業務忽略,現認為售後服務的利潤不僅能覆蓋公司的所有成本,而且或能抵銷新車銷售的波動性。
該行又認為採用吸收率去評估,能更有系統地評估經銷商,發現吸收率愈高的企業,盈利波動性會愈低。
該行預期三家企業,包括永達汽車(3669.HK)
、中升控股(0881.HK)
及正通汽車(1728.HK)
在2018至2021年的吸收率都有所改善,帶來了重新評級的機會。該行將中升控股及永達汽車的投資評級由原來的“
持有
”提高至“
買入
”,目標價分別由21港元及7港元調高至36港元及10.7港元,但認為正通汽車會因為新型冠狀病毒肺炎疫情受到最大的負面影響,因為其業務在湖北省的覆蓋最高,將其目標價由原來的2.7港元下調至2.4港元,投資評級維持“
持有
”。
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