野村:上調華晨中國(1114.HK)評級至買入 降目標價至8港元
野村發表研究報告指,華晨中國(1114.HK)去年利潤按年升16%,主要受惠於合資公司華晨寶馬利潤增加22%的貢獻,能抵消其自營多用途汽車業務的較大虧損。野村將華晨中國的投資評級由“中性”上調至“買入”,目標價由8.8港元下調至8港元。
野村表示,在新冠肺炎的影響下,華晨中國的銷量將會繼續下跌,多用途汽車的虧損將進一步擴大,故該行分別下調華晨中國2020及2021年每股盈利18%及11%,但該行相信,其合資公司華晨寶馬的表現可優於大市,並能貢獻強勁的現金流,有望派發特別股息。

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