《大行报告》中银国际:东风(00489.HK)拟内地创业板上市 料市场反应正面
就东风集团(00489.HK)公布,建议申请首次公开发行不超过9.57亿股A股,并在深圳证券交易所创业板上市,中银国际发表报告,按对东风集团今年盈利预测,现时估值相当预测今年市盈率4.6倍,公司考虑在A股及H股作双重上市,认为市场可能会上述消息产生积极的反应。
该行指,考虑到中资汽车A股及H股估值存在较大折让,认为东风H股价格应由中长期的基本面决定,包括公司的利润,发行A股後现有股东的进一步利润摊薄,以及相关的投资项目预期收益,维持对其「持有」投资评级,目标价5.5港元,相当於预测今年市盈率5倍。
中银国际称,东风自2005年在香港进行首次公开募股以来,便从未再在资本市场进行过融资,因此,潜在的A股发行是过去15年来的首个再融资计划。在过去三年中,东风集团净利润保持稳定在13亿至14亿元人民币。但是,由於缺乏业务亮点,再加上派息比率低企,其股价长期以来一直疲弱,市盈率低於5倍。低估值使其成为最便宜的OEM股票,不仅在香港股市,而且在全球资本市场。在这种情况下,东风集团很难进行再融资。与之形成鲜明对比的是,中国股市的交易比在香港股市活跃、估值较高,该行认为这些是东风集团计划在内地创业板进行上市的主因。
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