PDF《中升控股（881.HK）》

S CAR- MART INC

433 13.5 11.8 8.6 2.4 10.8 17.7 CPRT US Equity COPART INC 3,473 19.5 17.2 10.5 6.0 14.8 20.3 AN US Equity AUTONATION INC 5,015 16.6 14.7 12.9 3.3 4.7 14.2 ABG US Equity ASBURY AUTOMOTIVE GROUP

936 12.0 10.8 9.3 2.6 5.1 22.1 LAD US Equity LITHIA MOTORS INC-CL A

792 11.3 10.2 10.0 2.0 6.1 17.1 PAG US Equity PENSKE AUTOMOTIVE GROUP INC 2,605 13.1 11.9 13.1 2.2 4.4 16.2 Data Source: Bloomberg, Phillip Securities Fig 5. Stock Performance since

2012 Jan Data Source: Bloomberg, Phillip Securities Fig 6. Stock Performance since

2012 Aug Data Source: Bloomberg, Phillip Securities 中升控股 中升控股 中升控股 中升控股(881.HK) Phillip Securities (Hong Kong) Ltd Research

12 September

2012 4 of

4 FYEDEC FY09 FY10 FY11 FY12F FY13F Valuation Ratios P/E(X), adj. 27.2 14.6 11.0 13.1 8.0 P/B (X) NA 2.6 2.2 1.9 1.6 Dividend Yield (%) NA 1.2% 1.6% 1.2% 1.........