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瑞银升东风集团(0489.HK)评级至“买入”目标价8.8港元
格隆汇 08-06 11:18

瑞银报告指出,东风集团(00489.HK)盈利具韧性,在行业下行周期时提供缓冲,加上股价于第二季已见调整,估值便宜,因此评级由“中性”升至“买入”。该行指,尽管集团纯利近期创新高,惟全球经济现危机,目前股价处於低位,现价为市盈率4倍,市账率0.4倍,派息比率仅23%(有提升空间),意味股息率6%。目标价维持8.8港元。

该行表示,于2019年上半年,东风的日本合营销量跑赢市场;投资於PSA(标致雪铁龙)带来的季度盈利贡献,相当於集团市值的三分一,惟被投资者所忽略。该行上调集团2019/20年每股盈测7%及6%,反映来自PSA的收入上升,及近年商用汽车表现好过预期。

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