Citi Research lowered its target price for CAR Inc. (00699) to HK$5.5 from HK$6.5 and maintained its "sell" rating.
The research house estimated that CAR's 3Q underlying profit (excluding changes in fair value on investments and unrealized Fx losses) improved 14% YoY to RMB236m. While the 9% YoY decline on Car rental RevPAC came in below Citi's expectation of 5% YoY decline, the Group's rental revenue was largely inline.
Given the significantly enlarged fleet size, Citi now expects the Group will continue to
see a decline in RevPAC in 2019 (-7% YoY versus +3% YoY previously). Reflecting 3Q results, it raised its FY2018-20 EBITDA forecasts by 1-3%.
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