20150612-BARCLAYS-神州租车（0699）：PEDAL_TO_THE_METAL_IN_THE_FAST_LANE-364064

We initiate coverage of CAR with an OW rating and PT of HK$25（47% potential upside）based on 0.7x PEG（6-yr EPS CAGR of 55%），implying 27x/15x/11x P/E for 2015-17E.Our OW rating is based on CAR’s leadership in China’s fast growing short term car rental market（22% CAGR for 2014-18E according to CAR’s prospectus）and its emerging dominance in the high-end chauffeured car service market.