FIT HON TENG：Positive on acquisition of Auto-Kabel Group; Reiterate BUY

12 Jul 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) Positive on acquisition of Auto-Kabel Group; Reiterate BUY FIT announced that its wholly-owned subsidiary, FIT Voltaria, would acquire a German auto electronics supplier, Auto-Kabel Group, at a total consideration of EUR 72.5mn (implying 0.5x P/B, lower than FIT's 1.3x and global peers' 3.4x). The deal is expected to close by the end of 2024 upon regulatory approval. AutoKabel is a global leader in electro ...