EQS-News: [MeiDong Auto] CGS-CIMB initiated coverage on MeiDong Auto with an ADD rating and a target price of HK$13.06
CGS-CIMB initiated coverage on MeiDong Auto (1268.HK) with an ADD rating and a target price of HK$13.06 CGS-CIMB also likes Meidong's data analytic approach with a strong focus on return on equity and inventory management, and its balance sheet efficiency and above-average returns should justified a premium valuation. With the expectation of a ROE of c.30% over FY19-21, CGS-CIMB believes the current valuation is attractive, and comes up with a target price of HK$13.06 based on 15.5x FY21F P/E, an c.35% discount to the peak historical valuation of its closest peers, Zhongsheng Auto. Document: http://n.eqs.com/c/fncls.ssp?u=VPICMHQHOI Document title: CGS-CIMB initiated coverage on MeiDong Auto (1268.HK) with an ADD rating and a target price of HK$13.06
12/12/2019 Dissemination of a Financial Press Release, transmitted by EQS Group. |