瑞銀:升長汽(2333.HK)目標價至6.7港元 評級“中性”
瑞銀髮表的研究報告指,長城汽車(02333.HK)第三季業績強勁,因此將其2019/20年盈利預測上調11%及5%,目標價由6.2港元升至6.7港元,重申“中性”評級。相信近日股價上升20%已反映了對其未來兩年銷量增長及盈利復甦的影響。該行指出本地代工商面對結構性挑戰,所以其基本情景中並不預期將出現強勁的復甦,故認為在現水平不值得追入長汽,相信在其復甦道路上盈利有機會出現波動。
該行預期公司盈利將自2020年起復蘇,特別是公司在本土SUV市場持續有領導地位,而最近數季的市佔率亦由2017-18年的15%升至約20%,公司亦受惠近期推出的高端P系列卡車。而公司年初至今出口銷量按年增長四成,相信踏入2020年,俄羅斯的工廠仍可持續帶來增長。
瑞銀指出,長汽在9月初提出大規模的股份獎勵計劃及購股權計劃,但相關議案在股東會上遭反對,特別是H股股東,該行指出上市規則亦限制了公司在未來三個月再重提其他股份類的獎勵計劃建議。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.