[ET Net News Agency, 14 July 2020] Daiwa Research lifted its target price for
Zhongsheng Group Holdings (00881) to HK$52.3 from HK$30 but downgraded its rating to
"outperform" from "buy".
Zhongsheng said it has signed an agreement to acquire 8 dealership stores for CNY720m,
of which 6 are of Mercedes-Benz and 2 of Jaguar Land Rover. The research house believes
the expanded Benz store network will help Zhongsheng capture the upside of its strong
model cycle.
Daiwa believes there would be more acquisition opportunities emerging given the
difficult situation due to COVID-19, for which Zhongsheng is well prepared with its CNY6bn
cash as of end-2019. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00881 ZHONGSHENG HLDG
Nominal 
13.620 -0.080 (-0.584%) Others
14/07/2020 15:13
{I-bank focus}Daiwa lifts Zhongsheng Holdings to HK$52.3
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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