《大行報告》中銀國際:東風(00489.HK)擬內地創業板上市 料市場反應正面
就東風集團(00489.HK)公布,建議申請首次公開發行不超過9.57億股A股,並在深圳證券交易所創業板上市,中銀國際發表報告,按對東風集團今年盈利預測,現時估值相當預測今年市盈率4.6倍,公司考慮在A股及H股作雙重上市,認為市場可能會上述消息產生積極的反應。
該行指,考慮到中資汽車A股及H股估值存在較大折讓,認為東風H股價格應由中長期的基本面決定,包括公司的利潤,發行A股後現有股東的進一步利潤攤薄,以及相關的投資項目預期收益,維持對其「持有」投資評級,目標價5.5港元,相當於預測今年市盈率5倍。
中銀國際稱,東風自2005年在香港進行首次公開募股以來,便從未再在資本市場進行過融資,因此,潛在的A股發行是過去15年來的首個再融資計劃。在過去三年中,東風集團淨利潤保持穩定在13億至14億元人民幣。但是,由於缺乏業務亮點,再加上派息比率低企,其股價長期以來一直疲弱,市盈率低於5倍。低估值使其成為最便宜的OEM股票,不僅在香港股市,而且在全球資本市場。在這種情況下,東風集團很難進行再融資。與之形成鮮明對比的是,中國股市的交易比在香港股市活躍、估值較高,該行認為這些是東風集團計劃在內地創業板進行上市的主因。
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