《大行報告》野村上調華晨(01114.HK)目標價至8.88元 評級「買入」
野村發表研究報告,指寶馬首季業績顯示,華晨(01114.HK)與寶馬的合營盈利錄按年跌幅33%,銷售下降31%,利潤表現較預期具韌性,因此調升2020及21年每股盈利預期各4%,以反映毛利率升0.5個百分點。該行預期今年毛利大致持平,而明年隨著銷量回升,毛利則可進一步擴大0.5個百分點,維持「買入」評級,相信合營可以為華晨帶來強勁的現金流,目標價由8元升至8.88元。
該行預期,今年合營汽車銷售量穩定,估計跑贏整體中國市場汽車銷量跌11%的表現,受惠全新3系和X2的貢獻,第二季料可回復正增長。寶馬集團在首季錄22億歐元的負現金流,及發行34億歐元債券,以鞏固其金融流動性。該行指華晨表示,不排除將來會有更多派發特別股息的可能性,但須遵守資本支出要求以及寶馬集團同意進一步從合資企業分配現金。
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