CMBI: Raises TUHU-W (09690) target price by 6%, maintains "Buy" rating.
Tuhu announced the acquisition of mycar, an Australian one-stop automotive service chain (279 stores), from Continental AG for AUD 278 million (approximately RMB 1.3 billion). This is Tuhu's first overseas acquisition, marking its entry into a mature non-Asian market.
CMBI released a research report, raising the target price for TUHU-W (09690) by 5.6%, from HK$18 to HK$19, maintaining a "Buy" rating.
Tuhu announced the acquisition of Australian one-stop automotive service chain mycar (279 stores) from Continental, for a consideration of AUD 278 million (approximately RMB 1.3 billion). This is Tuhu's first overseas acquisition, entering a mature non-Asian market.
The bank calculates that it will accretively increase adjusted net profit by 10%/15% in FY2027 and FY2028, with limited balance sheet pressure; and views Australia as a testing ground for Tuhu to validate operational synergies that can be replicated in future global expansion.
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