报告名称：Zhengtong Auto Services(01728.HK)Striving for quality not quantity
报告类型：港股研究
报告日期：2016-03-25
研究机构：德意志银行
股票名称：ZHENGTONGAUTO
股票代码：01728
页数：12
简介：We trim our FY16-17E earnings, mainly to factor in lower new car margin assumptions. Our target price is based on DCF (WACC of 10.5% and terminal growth of 1%). The new target price implies FY16E P/E of 9.3x, which is prudent, in our view, given a 23% FY15-18E three-year EPS CAGR. Key downside risks: weak new car sales margin and after-sales business growth.
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