CMBI has released a research report raising its price target for TUHU-W (09690) by 5.6%, from HK$18 to HK$19, while maintaining a Buy rating.
Tuhu has announced the acquisition of Australian one-stop automotive service chain mycar (279 stores) from Continental AG for AUD 278 million (approximately RMB 1.3 billion). This marks Tuhu's first overseas acquisition, entering a mature non-Asian market.
The brokerage calculates that the deal will boost adjusted net profit by 10%/15% in FY2027 and FY2028, with limited balance sheet pressure. It views Australia as a testing ground for Tuhu to validate operational synergies that could be replicated in future global expansion.
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