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《大行報告》中銀國際降華晨(01114.HK)評級至「沽售」 市場關注公司治理 料估值難高於同業
阿思達克 10-06 10:56
中銀國際發表報告表示,華晨中國(01114.HK)停牌一年半多後指公司已履行全部復牌指,終於在昨(5日)日復牌,獨立法證調查顯示,華晨旗下金杯汽及相關子公司已發現若干不當行為,包括提供59億元人民幣的未經授權的擔保、提供40.5億元人民幣的存款質押等,導致存款損失40億人民幣,對於上述未經授權的擔保和押金質押,華晨已在2020至2021年確認相關損失,但該行認為相關不當行為仍未清晰。 該行認為,華晨中國股票復牌後或面臨拋售壓力,決定下調對其投資評級由「持有」降至「沽售」,目標價由8元下調至4.5元,相當於預測明年綜合市盈率3倍,指公司截至今年6月底淨現金為150億元人民幣(折合每股3.28港元)可作為股票的支撐位。 中銀國際表示,對於華晨,雖然承認寶馬合資公司的基本面和競爭力優於中國大多數其他合資公司,但該行認為有幾個因素可能會阻止該股票的交易價格高於直接同業,第一是該行認為華晨寶馬的盈利和利潤率可能已於2021年見頂,未來幾年面臨下行壓力;第二是雖然ix3和i3等多款BEV車型近年推出和本地化,但市場對這些車型的反饋是平淡,在電動化和車聯網的行業趨勢下,可能會加劇市場對寶馬在華銷售前景的擔憂;市場關注華晨中國的公司治理水平,可能會削弱許多投資者對其管理層和前景的信心。
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