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Citi starts Yongda Auto (03669) at HK$15.44
Citi Research initiated coverage on China Yongda
Automobile Services Holdings (03669) with a "buy" rating, and target price of HK$15.44.
  It expects Yongda to deliver a diluted 2018-20 EPS CAGR of 25% on the back of (1) the
new car sales mix skewing more towards luxury brands with SSSG coming from Audi/ BMW/
Mercedes/ Porsche; (2) a GP CAGR of 96% for the auto-finance division on an increasing 
penetration rate; (3) after-sales GP growing at a CAGR of 18% with service per ticket ASP
rising at a 2% CAGR.
  Citi expects Yongda's 2017-20 new car sales business revenue to deliver a CAGR of 24.3%
thanks to new cars SSSG growing at a CAGR of 4.1% with blended ASP up 2.2% CAGR as Yongda
endeavors to expand its luxury network mainly through the acquisition of matured outlets 
going forward. 

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