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

$神州租车(hk00699)$  
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.
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