Yongda (3669 HK) The Proportion of Premium Cars Keep Increasing April 21, 2020 336

PSR Recommendation: BUY Status: Upgraded
Target Price: HKDHKD8.60

Investment Summary
The Revenue Increased by More than 10%, and the Profit Increased by 18%
The revenue of Yongda Automobiles was RMB62.71 billion in 2019, up 13.4% yoy; the profit
attributable to shareholders stood at RMB1.473 billion, up 17.6% yoy, with the EPS of
RMB0.8. Considering the possible recurrence of the outbreak and the potential merger and
acquisition opportunities, and for the reason of caution, the management has announced no
final dividend, but will pay a dividend of no less than 30% in the middle of this year if the
subsequent situation is optimistic.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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