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  • Written by EQS Asia Business News

EQS-News / 18/11/2019 / 16:52 UTC+8

Goldman Sachs initiated coverage on MeiDong Auto (1268.HK) at Buy with TP of HK$10.1 Goldman Sachs initiated coverage on China MeiDong Auto Holdings Limited (1268.HK) on the 14th November at Buy, with a target price of HK10.1, representing an upside of 27.4% from the closing price of HK$7.93 as at 15th November 2019. Goldman Sachs sees MeiDong has long term competitive potential of its unique Single City Single Store strategy ("SCSS"), operating primarily the exclusive outlets for BMW, Lexus, Porsche, and Toyota brands among lower tier cities.

Goldman Sachs also highlights that by representing these top brands in their traditionally under-penetrated locations, MeiDong has achieved strong pricing power in car sales, superior cash conversion, and a sticky customer retention during or even after warranty.

The 12-month target price of HK$10.1 was calculated based on an equal blend of 10x 2023E P/E and 7x 2023E EV/EBITDA.

 

Document: http://n.eqs.com/c/fncls.ssp?u=EMKGKKOCEWDocument title: [MeiDong Auto] Goldman Sachs initiated coverage on MeiDong Auto (1268.HK) at Buy with TP of HK$10.1

18/11/2019 Dissemination of a Financial Press Release, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

Authors: EQS Asia Business News

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