《大行報告》招銀國際削途虎-W(09690.HK)目標價至35.3元 因競爭格局轉變降低長期EBIT預測
招銀國際發表報告,將途虎-W(09690.HK)目標價由50.1元下調至35.3元,維持「買入」評級。公司去年收入增長18%,符合市場預期,經調整純利4.81億元人民幣,較市場預期高出27%,該行認為其今年有正面具韌性增長,估計收入增長16%,主要受門店擴充、提供更豐富及多元化服務、以及技術提升所推動,並預期受惠規模效益,與供應商達成更有利的合作條款,利潤率將持續提升。
該行大致維持今明兩年的盈利預測不變,但調整目標價以反映競爭形勢轉變,並降低其長期EBIT預測。在私募股權投資者的禁售期屆滿後,股價可能有短期波動,但對於未來的自然增長仍感正面,相信基本因素持續改善。
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