大和:維持東風集團(0489.HK)“跑贏大市”評級 認為現價估值低
大和發佈報告稱,維持東風集團股份(00489.HK)“跑贏大市”評級,認為該股現價估值低,與日資合營的盈利貢獻預計將會彈力。
該行認為,標緻雪鐵龍在與菲亞特克萊斯勒的合併通告中,表示將回購由東風持有的3070萬股標緻股份,這將令東風在新合併公司的股權降至4.5%,現時東風持標緻約12%股權。該行稱,該交易有助東風獲出售溢利29億人民幣,屬正面,如果2020年完成,可能推升明年股息率。
該行稱,不認為現時與標緻在內地的合營運作會有重大改變,因為管理層目標是收窄合營的虧損。根據該行估計,因通告未有披露,東風出售或實現收益的29億元人民幣等同2020年預測盈利的22%,因為東風2014年收購標緻作價為每股7.5歐元,該行預測2020年的股息率,可能是現時的3.6%升至4.4%。

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