一千個買入華晨的理由(5)

美銀美林首予華晨中國<01114.hk>評級「跑輸大市」，目標價6元，即2011年市盈率20倍。寶馬合營佔華晨上半年盈利56%，該行相信豪華轎車將出現供應過剩，憂慮削價促銷最終令毛利受壓，股價自6月累漲200%，現價2011年市盈率24.2倍，較大市值同業東風<00489.hk>及廣汽<02238.hk>溢價157%/118%，估值昂貴。 Fucking I-Bank research, do they really have a watch on the market of luxury market in China? The now situation is demand greatly larger than supply. How could they draw the conclusion of "供應過剩. Is a 24PE too high for a auto maker? I don't know but I don't think you can just judge if a stock is cheap or expensive simply referring to PE.