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02858 YIXIN
RTNominal down0.700 -0.010 (-1.408%)
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04/06/2018 12:03

[I-bank focus]DBS starts Yixin Group (02858) at HK$5.8

[ET Net News Agency, 4 June 2018] DBS Group Research initiated coverage on Yixin Group
(02858) with a "buy" rating, and a target price of HK$5.8.
The research house Yixin is China's largest online auto transaction platform,
underpinned by high-profile strategic shareholders (i.e. Bitauto, Tencent and JD), with
20% market share in terms of transaction volume. Its auto finance revenue is set to grow
given under-penetrated online auto market in conjunction with rising margins (in contrary
to the market's concerns over margins).
With strong FY2017-20 non-GAAP net profit CAGR of 80%, Yixin is trading at 12x 2019 PE,
which is appealing vs its online vertical and e-commerce peers, DBS noted.
It expects Yixin's auto transaction value and finance revenue to deliver an FY2017-20
CAGR of 46% and 49% respectively. (KL)

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