《大行報告》大和升華晨(01114.HK)評級至「持有」 但關注基金股東減持令股價承壓
大和發表報告表示,華晨中國(01114.HK)停牌一年半多後指公司已履行全部復牌指引,終於在昨日(5日)復牌股價下跌63%,指是其進行多次內部調查後的首個交易日,該行指華晨中國股價充分反映了負面因素,預計該股票股價不應遠低於其每股淨現金4港元(但不包括潛在法律索賠所涉現金),加上其持有合營華晨寶馬的25%股權仍具非常的盈利能力。
該行估計,華晨中國未來潛在派發每股特別股息1.2至1.6港元屬合理的水平,指市場對其派特別股息的預期很高,因為華晨中國的母公司華晨集團需要現金來解決各種索賠。基於遼寧省政府只能獲得分配現金的40%,料公司支付手頭現金的動機有限。事實上,該行認為華晨可能需要保留現金以供自身發展,因為其與雷諾的合資企業也在重組中。回顧過去五年從華晨寶馬收取的現金的平均支出約為40%,該行指鑑於派息不確定,並不建議投資者為了憧憬派發股息從以買進華晨中國。
大和指,注意到華晨主要基金股東拋售短期對股價構成壓力,據港交所資料,其中一位大股東柏基一直在1.79至2港元的價格範圍內拋售股票,相關拋售或將令其股價短期承壓。
該行表示基於估值因素,將華晨中國的投資評級由「沽售」上調至「持有」,並將目標價從4.9元下調至2.8元。長期而言,僅依賴所持華晨寶馬合營剩餘25%股權收益,市場對華晨中國的投資興趣可能會消退。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.