(1) DJ EQS-News: Merrill Lynch Lifts PO of MeiDong Auto (1268.HK) as Luxury Margins Drive 2H20 Beat; Maintain Buy at HKUSD42.00 EQS-News / 12/04/2021 / 11:46 UTC+8 Merrill Lynch Lifts PO of MeiDong Auto (1268.HK) as Luxury Margins Drive 2H20 Beat; Maintain Buy at HKUSD42.00 Merrill Lynch (BofA) further lifts its price objective for China MeiDong Auto Holdings Limited (1268.HK) to HKUSD42.00 at Buy, as luxury margins led to 2H20 outperformance. The latest price objective represents an upside of 11.9% from the closing price of HKUSD37.55 on 7th April. On 2H20 results, BofA acknowledges MeiDong s net income was 6% ahead of its estimates, up 43% YoY to RMB450mn, despite a deeper than expected non-cash FX loss of RMB95mn. Car sales rose 25% YoY, while strong post-COVID demand helped lift 2H gross margin to 10.3% (+1.1ppts YoY) driven by the luxury car segment, plus growth in high margin after-sales service (+29% YoY).
China Meidong Auto Holdings Limited
ISIN: KYG211921021 Nachricht vom 12.04.2021 | 05:46
Merrill Lynch Lifts PO of MeiDong Auto (1268.HK) as Luxury Margins Drive 2H20 Beat; Maintain Buy at HK$42.00
EQS-News / 12/04/2021 / 11:46 UTC+8
Merrill Lynch Lifts PO of MeiDong Auto (1268.HK) as Luxury Margins Drive 2H20 Beat; Maintain Buy at HK$42.00
Merrill Lynch (BofA) further lifts its price objective for China MeiDong Auto Holdings Limited (1268.HK) to HK$42.00 at Buy, as luxury margins led to 2H20 outperformance. The latest price objective represents an upside of 11.9% from the closing price of HK$37.55 on 7th April.
On 2H20 results, BofA acknowledges MeiDong s net income was 6% ahead of its estimates, up 43% YoY to RMB450mn, despite a deeper than expected non-cash FX loss of RMB95mn. Car sales rose 25% YoY, while strong post-COVID demand helped lift 2H gross margin to 10.3% (+1.1ppts YoY) driven by the luxury car segment, plus growth in high margin after-sales se
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(1) DJ EQS-News: Merrill Lynch initiated coverage on China MeiDong Auto Holdings Limited (1268.HK) at Buy; TP of HKUSD40.50 EQS-News / 05/02/2021 / 15:05 UTC+8 Merrill Lynch initiated coverage on China MeiDong Auto Holdings Limited (1268.HK) at Buy; TP of HKUSD40.50 Merrill Lynch initiated coverage on China MeiDong Auto Holdings Limited (1268.HK) at Buy with a target price of HKUSD40.50, representing an upside of 56.0% from the closing price of HKUSD25.90 on 29th January. Merrill Lynch appreciates Meidong s differentiated strategy, which focuses on luxury brand car dealerships in fast-growing yet under-penetrated tier 3-5 cities, making it a key beneficiary from consumption upgrade as regional income rises. Merrill Lynch also likes Meidong s laser focus on high operating efficiency and inventory turnover, which sees the company generates significantly higher returns and faster growth than peers. Supported by its strong operating cash flow and net cash position, Merrill Lync
TodayIR: Citi further raised MeiDong Auto (1268.HK) target price to HK$40.0; maintain Buy
DJ EQS-News: Citi further raised MeiDong Auto (1268.HK) target price to HK$40.0; maintain Buy
EQS-News / 06/01/2021 / 18:41 UTC+8
Citi further raised MeiDong Auto (1268.HK) target price to HK$40.0; maintain Buy Citi raised China MeiDong Auto Holdings Limited (1268.HK) 12-month target price from HK$39.0 to HK$40.0 at Buy, representing an upside of 27.2% from the closing price of HK$32.35 as at 4th January 2021 (incl. expected dividend yield). The upward revision was supported by the positive takeaways from a recent management call on (i) Meidong s low inventory level with abundant backlog, (ii) steady expansion plan with potential M&A, together with (iii) strong