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《大行報告》大和降正通汽車(01728.HK)評級至「持有」 目標價下調至1.4元
阿思達克 03-20 10:21
大和發表研究報告,大幅下調正通汽車(01728.HK)2019-21年的預期,以反映去年下半年的表現遜預期,以及新型肺炎疫情的影響,相信公司在流動性和付款方面比其他經銷商更脆弱。

該行指,公司的店舖擴張料會放緩,雖然疫情下,預期正通和永達(03669.HK)會增加市佔率,但正通因其負債而難以在未來3年擴張,故其長遠收入增長目標會降至低至中單位數。

該行又指,公司在汽車金融佔比較大,預測今年底負債比率達130%,導致其流動性風險增。降2019年每股盈利預期19%,以反映較弱的經營環境,預期寶馬新車銷售和預期較高的折扣;降2020至21年每股盈利預期57-65%,以反映今年上半年銷售較弱及今年新店擴張放緩的表現,目標價由3.3元降至1.4元,評級由「跑贏大市」降至「持有」。

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