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Nomura ups Zhongsheng Group (00881) to HK$24.8

  Nomura lifted its target price for Zhongsheng Group
(00881) to HK$24.8 from HK$19.9, and reiterated its "buy" rating.
  The research house said Zhongsheng's FY2017 net profit came in 10% higher than Nomura's
estimate, as a result of solid gross margins of 10.1% and commission income growth of 39%
to CNY1.8bn.
  Nomura noted that both were mainly driven by the contribution of higher luxury car 
sales, with Mercedes now contributing to over 30% of new car revenue (FY2016: 28.1%).
  On the other hand, both aftersales revenue and gross margins were also above Nomura's
estimates and came in at 26.9% and 48.9%, respectively.
  To reflect the results, Nomura raised its FY2018/19 revenue by an average of 12%, along
with a 5pp increase in commission income growth, leading to an average 15% increase in its
net profit assumptions over the same period.

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