Report
UOB
Johnny Yum Chung Man ...
  • Ken Lee

China Yongda Auto Services Holdings - Earnings momentum improving on all fronts in 4Q19

Yongda is improving on all fronts in 4Q19, in new car sales growth, new car sales
margins and after-sales service revenue. New car sales growth momentum has
recovered in 4Q19, and management has kept 2019 sales volume growth target of 10%
(9M19: +9.8% yoy, 3Q19: 5.5%). New car sales gross margin is improving in tandem
with the pricing for BMW. After-sales service revenue growth has also picked up in
4Q19. All these imply potential earnings upside. Maintain BUY. Target price: HK$8.50.
Underlying
China Yongda Automobiles Ser

Provider
UOB
UOB

Analysts
Johnny Yum Chung Man

Ken Lee

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