《大行報告》大摩降東風集團(00489.HK)評級至「與大市同步」 下調廣汽(02238.HK)目標價至8.3元
摩根士丹利發表研究報告指,零售銷售在5月第一周持續改善,這大概是受惠於長假期,並屬預期之中。雖然目前批發業務低迷,但或會有所改善,因為過往被認為不合規的型號銷售已得到寬限期。該行預期,這有助原始設備製造商恢復正常的生產速度,並獲得更長時間將不合規的產品去庫存,惟料這些庫存只佔其月銷售額的一小部分。此外,根據該行計算,行業庫存水平保持在健康水平,在4月底約為250萬輛,而歷史水平為270萬輛。
該行表示,由於廣汽(02238.HK)產品的穩定銷售,以及其自有品牌在今年至今行業逆風中的市場份額增加,集團仍然是在國企代工生產類別中的首選,惟將其目標價由9元下調至8.3元。另外,基於東風集團(00489.HK)的合資品牌壓力加大,以及公司股息政策的不確定性,該行將其評級由「增持」降至「與大市同步」,目標價由6.5元下調至4.1元。
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