大行評級|摩根大通:下調華晨中國目標價至5.5港元 高股息收益率和穩定政策對長期投資者具吸引力
摩根大通發表報吿指,華晨中國公佈派特別息每股1港元,符合該行預期,時機有比預期稍早,相信公司在派發特別息後,不計來自華晨寶馬的經常性投資收入,仍有約每股1.5港元現金在手。華晨中國在去年12月公佈,未來將目標分配不少於50%的税後經常性利潤作為股息。該行認同管理層對長期股息政策的承諾,這展現了穩定回報的信心。
該行基於對內地汽車市場的謹慎觀點,下調了對其與華晨寶馬合資企業的盈利預期。儘管盈利預期有所下調,但根據該行的分析,50%的股息支付率在未來幾年仍可帶來12-13%的股息收益率。該行將華晨中國目標價由7.5港元降至5.5港元,維持“增持”評級,因為高股息收益率和穩定政策對長期投資者具吸引力。
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