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富瑞:昇華晨中國(1114.HK)評級至“買入” 目標價9.4港元
格隆匯 08-17 13:33

富瑞發表研究報告指,由於債務問題,市場對華晨中國(1114.HK)或面臨破產感擔憂,而這是一個長期的問題,需要國企改革及深化合作關係。鑑於集團的國企地位,破產可能性不大,但有可能會進行重組。該行將華晨中國評級,由“持有上調至“買入”,以反映集團近期的股價走勢,目標價維持9.4港元。

富瑞表示,由於市場憂慮,華晨母公司的幾隻債券在12日急跌。集團於今年4月至12月到期的債務達433億元人民幣,而今年第一季末的現金僅為330億元人民幣,淨資產亦只有528億元人民幣,短期內或因債券支付而面臨財務困難。大多數的債務集中於今年到期,大大加劇了其還款壓力,母公司的違約風險或對華晨的業績產生有限影響,亦會對品牌形象和融資能力有負面影響。基本而言,並沒有短期的解決方案。

該行認為,儘管華晨寶馬的銷量持平,華晨7月份時更宣佈派發每股0.41港元的股息,相信當前的股息支付並不足以幫助集團償還債務。不過,母公司是內地領先國企,相信改革可能性更大。集團需要進行更多的改革,以深化夥伴關係,加快自有品牌發展,從而提高盈利能力。

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