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《大行報告》摩通上調華晨(01114.HK)目標價至2.8元 評級「減持」
阿思達克 08-25 09:47
摩通發表報告指,華晨中國(01114.HK)上半年純利增長約6%,至37億元人民幣,好過該行預期的35億元人民幣,主要受惠於合營華晨寶馬在國內汽車市場激烈的價格競爭中依然表現強勁。 報告指,雖然華晨已在7月份宣布派發0.96元特別股息,基於出售華晨寶馬合資公司25%股權所獲得的收益。考慮到華晨寶馬合資經常性盈利,該行認為管理層不分配中期股息的決定有些令人失望。 本年至今該股累跌27%,同期國指跌9%,中國汽車板塊則跌10%;摩通認為,該股長期投資價值取決於其未來的派息政策,由於缺乏清晰的可見性或管理層承諾,認為該股仍缺乏吸引力,因此予「減持」評級。目標價由2.6元升至2.8元。
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