中金:上調敏實集團(0425.HK)目標價至46港元 料A股上市推高估值
中金公司發表研究報告指,敏實集團(0425.HK)A股上市計劃料可加強其主營業務並推高H股估值,而重回MSCI中國指數將可帶來被動資金流入,因此上調其目標價21%至46港元。
報告預計,A股發行募集資金將主要投入電池盒產能擴張等,有利於新興業務更快增長,當前A股主要內外飾件及結構件上市公司2021年平均預測市盈率約29倍,高於公司H股估值,A股上市預期有望提振H股估值。
報告説,電池盒分拆上市預期為又一催化劑,分拆上市有利於增強融資能力、加速業務擴張,同時有利於市場對現金牛業務和新興高增長業務區分估值,而MSCI半年度調整中,公司重新納入MSCI中國指數成分股,權重0.11%。調整於12月1日生效,估計被動資金流入規模達1.69億美元。
敏實集團早前公佈,計劃發行的人民幣股份數目不得超過擴大股本的15%,且有關人民幣股份將均為新股,不涉及現有股份的轉換。該集團指,建議發行募集資金初步計劃作主營業務使用。

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