《大行报告》大和一举降华晨中国(01114.HK)评级至「沽售」 目标价削近半至4.9元
大和发表研究报告将华晨中国(01114.HK)投资评级,由「买入」一举降至「沽售」,目标价由9.7元降至4.9元。报告称,公司上日(14日)公布间接全资附属「金杯汽控」若干未经授权担保及因而导致其涉及法律程序,以及现金帐目不符,该附属持有华晨宝马50%权益。该行认为那些未经授权交易反映公司核心企业管治问题,及成为投资者的长期忧虑,因此下调投资评级;并下调华晨中国去年每股盈测48%以反映潜在拨备。
报告称,金杯汽控未经授权担保、两家银行对其法律申索,以及帐目内失踪的17.3亿元人民币、疑伪造的6.5亿元人民币结构性存款等,计及所有问题,大和估算总计问题金额料达67.86亿元人民币。
大和称,由於银行帐目不符,预期华晨中国2020年帐面价值将录23.8亿元人民币减值;另潜在就其余44.06亿元人民币进行拨备。该行亦预期金杯汽控帐户有44.06亿元人民币资产被冻结。
不过,大和称,债权人料欢迎金杯汽控出售华晨宝马25%权益予宝马集团,以获得相当於370亿元人民币的现金以偿债。此外,由於华晨集团现金要求,该行料因上述出售而派发可观特别息的机会下降,将潜在特别息派息比率由70%下调至30%。
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