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大摩:料吉利(0175.HK)股價15日內將跌 評級“與大市同步”
格隆匯 02-12 13:39
摩根士丹利發表研究報告指,吉利(0175.HK) 宣佈考慮與沃爾沃合併並在香港及斯德哥爾摩上市後,股價昨日早上已升6%,而同期恆指升幅僅1%,相估市場對計劃反應或過度正面,因為沃爾沃汽車2018年的淨利潤率及股本回報率僅2.7%及13.5%,顯著低於吉利的水平,而沃爾沃亦已與吉利緊密合作,認為雙方協同有限,此外協調到歐洲廠商估值顯著低於吉利,估計在斯德哥爾摩上市或會降低吉利估值。
此外與沃爾沃合併的話,吉利或需要發行股份支持交易,由於沃爾沃汽車的估值仍未公佈,故認為現時感樂觀屬言之尚早。該行估計公司股價在15日內將跌,發生的可能性介乎70%-80%,維持“ 與大市同步 ”評級,目標價14港元。

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