《大行報告》大和一舉降華晨中國(01114.HK)評級至「沽售」 目標價削近半至4.9元
大和發表研究報告將華晨中國(01114.HK)投資評級,由「買入」一舉降至「沽售」,目標價由9.7元降至4.9元。報告稱,公司上日(14日)公布間接全資附屬「金杯汽控」若干未經授權擔保及因而導致其涉及法律程序,以及現金帳目不符,該附屬持有華晨寶馬50%權益。該行認為那些未經授權交易反映公司核心企業管治問題,及成為投資者的長期憂慮,因此下調投資評級;並下調華晨中國去年每股盈測48%以反映潛在撥備。
報告稱,金杯汽控未經授權擔保、兩家銀行對其法律申索,以及帳目內失蹤的17.3億元人民幣、疑偽造的6.5億元人民幣結構性存款等,計及所有問題,大和估算總計問題金額料達67.86億元人民幣。
大和稱,由於銀行帳目不符,預期華晨中國2020年帳面價值將錄23.8億元人民幣減值;另潛在就其餘44.06億元人民幣進行撥備。該行亦預期金杯汽控帳戶有44.06億元人民幣資產被凍結。
不過,大和稱,債權人料歡迎金杯汽控出售華晨寶馬25%權益予寶馬集團,以獲得相當於370億元人民幣的現金以償債。此外,由於華晨集團現金要求,該行料因上述出售而派發可觀特別息的機會下降,將潛在特別息派息比率由70%下調至30%。
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