富瑞:降吉汽(0175.HK)目標價至13.4港元 維持買入評級
富瑞發表研究報告指,吉利汽車(0175.HK)計劃配售6億股新股,佔經擴大後股本約6.11%,淨籌64.8億港元,將用作業務發展及營運資金,但相信並非用於與富豪汽車合併。該行認為,在刺激措施下,本地市場及歐洲汽車市場料可持續復甦,對吉汽中期增長前景仍樂觀,維持買入評級,但將目標價由14.3港元下調至13.4港元,以反映配股後每股盈利將被攤薄的影響。
富瑞指,由於中國商務部在人大會議中表明會加大力度刺激汽車銷量,將帶動內地汽車行業及銷量持續復甦。而吉汽過去三年的營運資本為13億港元,意味配股後業務發展將有更多空間,包括與大搜車合作於618購物節進行網上銷售。另外,歐洲多個國家亦計劃推出汽車刺激措施,而領克亦計劃卡今年下半年進軍歐洲,相信公司與戴姆勒將有更多合作發展,尤其雙方共同合作Smart及volocopter後。
該行認為,吉汽配股集資所得用作與富豪汽車合併的可能性很低,儘管配股及近期不確定性將令吉汽股價走勢波動,但該行仍維持其今、明兩年盈利預測為按年跌10.2%及增長38.5%,但下調每股盈利至0.75港元及1.04港元。

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