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富瑞:降華晨中國(1114.HK)評級至遜於大市 目標價調低至4.8港元
格隆匯 04-21 12:47

富瑞發表研究報吿指出,華晨中國(1114.HK)未經授權擔保凸顯其治理問題,調低目標價至4.8港元,並將其評級由持有降至遜於大市。

富瑞報吿指出,由於華晨中國全資子公司未經授權向母公司貸款提供擔保事項顯示出公司治理問題,同時還可能帶來非經營性損失、再融資變難以及現金流惡化等影響,因此下調公司2020和2021年度盈利預測。

報吿説,目前華晨中國的公司治理問題對與寶馬合資公司的核心運營影響有限,但若未來華晨和寶馬股權交易中獲得的特別分紅低於預期的話,市場可能會感到失望,從而影響其估值。

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