《大行報告》大摩:東風(00489.HK)股價明顯低於淨現金 持續回購及母企增持支撐股價
摩根士丹利發表報告指,東風集團(00489.HK)近日發盈警,預期去年度由盈轉虧,拖累東風的股價昨日(11日)下跌9.7%,跑輸恆指同日表現。
集團將盈警歸因於行業價格競爭及對新能源汽車業務的加大投資,大摩則指出主要是由於去年度集團銷量按年減少15%,合資企業東風日產及東風本田銷量亦分別減少19%及8.5%,加上電動汽車轉型所帶來的一次性減值所致。
該行認為,本地電動汽車品牌持續宣傳「電比油低」的價格競爭,將打擊合資品牌的內燃引擎車型銷售,預期集團今年仍然要面對一定經營壓力。
不過由於股價(上日收報3.06元)明顯低於集團每股淨現金(該行估算每股淨現金6元),預期來自母企的持續回購股份或增持,將可為股價提供支持,另外任何明確的派息指引都將對股價產生正面影響,大摩予其「與大市同步」評級,目標價3.8元。
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