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《大行報告》高盛升途虎(09690.HK)評級至「買入」 目標價下調至31元
阿思達克 02-26 10:52
高盛報告指出,內地O2O汽車服務平臺途虎(09690.HK)料去年扭虧爲盈,賺不少於66億人民幣,應可緩解市場對其利潤率趨勢的擔憂。根據該行調查,年初至今市場價格競爭沒以前般激烈,看到毛利率擴張的可見性有所提高。該行對途虎在高度分散的市場中擴充門市,以及2023年線上流量平均按年增長20%保持信心,加上估值合理,評級由「中性」升至「買入」。 該行表示,雖然看到途虎即將到期的禁售期可能會在短期內令股價受壓,但認爲集團現在爲投資者提供了在中國互聯網領域擁有體面GARP(growth at a reasonable price)資產的機會。 該行下調集團2023-25年收入預測1%/5%/7%,儘管毛利率預期較高,但營運槓桿較低,經調整利潤預測亦下調10-20個點子,目標價相應由34元下調至31元,但仍有52%上行空間。
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