
WhatwerecommendWereiterateourBuy(1)ratingonthebackofthestrongafter-salesserviceearningsandcommissiongrowththatweseeover2013-15.WeareraisingourSOTP-derivedsix-monthtargetpricetoHKD6.71(fromHKD6.37).Wearerollingoverourvaluationbasisto2014earnings,andapplya6.5xPERtothecombined2014commissionderivedandnewcarsalesprofit(previously,9.5xon2013E),anda12xPERtotheaftersalesprofit(previo...