[ET Net News Agency, 18 July 2018] Nomura lifted its target price for Zhongsheng Group
(00881) to HK$25.4 from HK$24.8, and reiterated its "buy" rating.
The research house maintained its positive view on Zhongsheng and believes that market
concerns over the likely impact of the US-China trade war and the pressure on gross margin
for Mercedes are overdone.
Nomura fine-tuned its FY2018 net earnings forecast to reflect its 1H net earnings of
CNY2bn (+40% y-y) owing to the 180k new car unit sales and stable luxury new car margins
of 5%.
While the share price has corrected 20% from its peak, at current valuation of 11.7x
FY2018 P/E, Zhongsheng looks increasingly attractive, the research house said. (KL)
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00881 ZHONGSHENG HLDG
Nominal 
14.500 +0.880 (+6.461%) Others
18/07/2018 10:43
[I-bank focus]Nomura lifts Zhongsheng (00881) to HK$25.4
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