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UOBKH raises Zhongsheng (00881) to HK$20

UOB Kay Hian raised its target price for Zhongsheng
Group Holdings (00881) to HK$20 from HK$13, and upgraded its rating to "hold" from "sell".
  The research house noted Zhongsheng's 2017 net profit came in better than expected at
Rmb3.35bn, up 80% yoy, due to a higher-than-expected new-car sales margin and faster 
growth in aftersales service revenue. As such, it raises 2018/19 EPS growth estimates by 
46-48% to Rmb3.71bn/Rmb4.09bn. It retains the view that new car sales gross margin peaked
in 2017, in tandem with Mercedes-Benz's product cycle and amid increasing competition. 

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