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杰富瑞:降华晨(1114.HK)评级至“持有” 目标价下调至9.4港元
格隆汇 09-19 11:26

杰富瑞发表研究报告,指华晨(01114.HK)股价自8月起升29%,并达至该行的目标价,公司于7月公布,特别股息主要来自华晨宝马合营的2019年股息,需要由出售华晨宝马合营25%股权所得扣减,预期未来派息亦会扣减部份才会派发,目标价由9.5港元降至9.4港元,认为宝马的上升周期有限,评级由“买入”下调至“持有”

该行又指,公司7月份公布派发合共32.8亿元人民币的利息,相等於华晨窦马派息率的66%,相信可以此为2022年交易完成後的派息参考数字。

该行表示,长远来说,华晨宝马会继续为合营,但短期内利润会受压,因近期有见宝马的经销店都有提供2-4万元人民币的现金回赠,推广3系车型,同时iX3将於2020年推出,料需要很大的投资,故预期华晨宝马下半年的盈利增长只有低单位数。

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