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《大行報告》花旗:吉利(00175.HK)回調為長線投資者提供入市機會
阿思達克 05-29 15:06
花旗發表研究報告,指吉利汽車(00175.HK)宣布以每股10.8元的發行價發行6億股新股,較昨日(28日)收市價低出7.85%,佔公司已發行股本6.51%,禁售期為90日。扣除相關費用及開支後,預期集資64.47億元。公司集資的目的是提升其資產負債表,因為公司相信環球經濟及政治環境會變得更為不穩。

該行相信,市場最初會對此交易有負面的解讀,因為吉利在今年第二至第三季並不需要這64.47億元來補充其營運資金。該行不認為此項交易與吉利及富豪集團合併項目有直接關係,因為與潛在的併購規模相比,從配售所得的集資額很少。另外,該行預計吉利在今年5月份批發量強勁,按年增長20%,而零售銷售則按年增長2.5%。在這些利好的數據出爐之前作配售決定,意味未來或存有更大的市場及流動性風險。

在長期前景來看,該行維持公司「買入」投資評級,因為其第二至第三季的銷量復甦會顯著地催化其盈利前景重估,而90天的配售禁售期可令新股東在公司中期業績前獲利。目標價16.7元。

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