Easy Car NET three quarterly results exceed expected Oppenheimer to raise target price

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Beijing Time November 12 Evening News, Barron's online edition today, said the Easy Car Network (Nyse:bita) reported strong third-quarter earnings. Revenue grew 40% per cent to $62.1 million a year, above analysts ' average forecast of 60.1 million dollars. Earnings per share were $0.31 trillion, above analysts ' average forecast of 0.26 dollars.

Easy-Car network management also estimated that the fourth quarter revenue will be 76 million to 77.6 million U.S. dollars, earnings per share will be 0.36 U.S. dollars, respectively, than the analyst's average expected 75.4 million dollars and 0.32 dollars per share. In the third quarter, the gross margin of the easy car net rose 1.2% to 74.4%.

Easy Car network benefits from the strong demand of China's auto market. In October this year, Chinese car sales grew 24% per cent Year-on-year, a 9-month high. Last week, the Easy Car network and the U.S. Kelly Blue book to work together, will provide Chinese users with second-hand car valuation services.

As a result of higher earnings forecasts, Oppenheimer analyst Andy 袁 (Andy Yeung) again raised its target share price from $20 to $30. So far this year, the stock market has risen 241%, the value of 1 billion U.S. dollars. According to FactSet's data, the net's current share price is 36 times times earnings, compared to 20 times times the prospective earnings forecast based on analysts ' average earnings.