大和:重申華晨中國(1114.HK)買入評級 目標價9.7港元
市傳一汽集團計劃以72億美元收購華晨中國(1114.HK),雖然華晨中國已表明不知情,但大和總研認為,在母企解除抵押股份合約後,華晨中國私有化或賣盤機會仍有可能,重申買入評級,目標價為9.7港元。
大和發表報吿指出,華晨中國控股股東-華晨汽車集團去年11月已申請進入破產重組程序,相信華晨中國易主對公司有利,尤其若售予另一家車廠,將有助其多用途車及小巴業務重組。據報,一汽出價72億美元,較華晨中國本月2日收市價溢價75%,考慮到華晨出售華晨寶馬25%股權,可獲370億元人民幣,認為有關作價依然合理。大和認為,華晨中國2022年的估值約530億元人民幣。
另外,大和調低華晨中國2020-21年度收入預測5-6%,以反映去年銷量預測上調,估計今年和明年銷量分別上升15%和7%,目前大和給予華晨中國的每股盈利預測,比市場高出3-24%,主要因為該行對華晨中國銷量及盈利改善較同業樂觀。

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