CMB International: Tourover-W (09690) target price increased by 6% to maintain “buy” rating

The Zhitong Finance App learned that CMB International released a research report stating that the target price for Tourover Car Maintenance (09690) was raised by 5.6% from HK$18 to HK$19, maintaining the “buy” rating.

Tourover announced the acquisition of the Australian one-stop car service chain mycar (279 stores) from Continental Group at a consideration price of 278 million Australian dollars (about 1.3 billion yuan). This is Tourover's first overseas merger and acquisition, entering a mature non-Asian market.

The bank calculated that it increased adjusted net profit by 10%/15% in the 2027 and 2028 fiscal years, with limited balance sheet pressure; it also viewed Australia as a testing ground for Tourover to verify operational collaboration and replicate future global expansion.