《大行報告》摩通下調華晨(01114.HK)目標價至5元 評級「增持」
摩根大通發表研究報告指出,該行對於華晨(01114.HK)的投資理念已有所改變,過去華晨的股價很大程度上是由於寶馬於內地的增長,因此預測市盈率值得10至20倍。當公司出售華晨寶馬汽車25%股權予寶馬及復牌後,未來來自華晨寶馬汽車的盈利貢獻有所減少,該行相信公司的股價將取決於是否進行一次性分派收益。
華晨停牌18個月後,於10月5日復牌,股價應聲暴跌約61%,該行認爲部分原因是公司對於派發特別息缺乏明確的決定。假設公司派發特別息的派息率約爲50%至90%,料每股特別息約爲1.1至2.9元。對於未來源自華晨寶馬的盈利貢獻所衍生的未來股息,相信20%至25%的派息率合理,與大部分同業一致。
該行又指,華晨目前股價被低估。根據該行的股息折現模型,將華晨的目標價由11.5元下調至5元,維持評級「增持」。
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