《大行報告》大和下調華晨中國(01114.HK)目標價至3.5元 評級「持有」
大和發表報告指,華晨中國(01114.HK)於去年業績不建議派發末期股息,令市場失望。管理層指正審查多個投資項目以處置收益,包括來自華晨寶馬的100億元人民幣股息等資金。公司重申,若沒有理想的投資機會,公司將會以股息返還給股東或股份回購等形式,以處理該等收益。
報告指,隨著公司於今年2月派發特別息0.96元後,預料其手上現金的30%仍可用作派息,故原本預期公司會有更多特別息派發。該行補充,基於下調公司派息率預期,將其目標價由5元降至3.5元,維持「持有」評級,相信公司今明兩年保持穩健的盈利能力。(ca/s)
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