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大和:華晨(1114.HK)進行私有化,將助解決部分債務問題
格隆匯 09-25 12:40

大和發表研究報告指,有報道指,華晨中國(1114.HK)的第二大股東遼寧省交通建設投資集團(LTI)或於第四季,啟動對華晨中國的私有化計劃。鑑於目前估值具吸引力,該行認為,公司與LTI達成交易屬合理,將有助華晨解決部分債務問題。該行維持華晨中國目標價9.7港元,以及買入評級。

大和表示,從財務角度而言,私有化將令遼寧省政府受惠。假設LTI提出了要約,華晨亦很有可能對有關交易進行投票,情況類似寶馬提議收購華晨寶馬25%股份時,華晨會進行投票,是因為其利益與股東一致。如果是這種情況,將增加要約成功的機會。同時華晨亦將獲得資金,以解決部分的債務問題。從華晨的角度去看,私有化的淨收益將較未進行私有化前多出164億元人民幣,因此該行認為,LTI可提出要約,而且能更輕鬆申請過渡貸款。

該行指,目前的評估並未將私有化納入預測,但認為私有化很有可能不遲於2021年前進行。此外,該行亦對華晨寶馬的銷量持樂觀態度,主要由於中國豪華汽車需求旺盛。

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