《大行報告》大和降華晨(01114.HK)評級至「沽售」 削目標價至2元
大和發表報告,指華晨中國(01114.HK)控股股東華晨集團將全資附屬「遼寧鑫瑞」所持集團股權以拍賣形式出售,持股將由30.43%降至29.99%,另瀋陽汽車已選定為華晨重整潛在投資人。
該行認為,出售0.44%股份的目的是促進華晨在重組中可能向瀋陽國資委出售股份,因為如果持股比例低於30%的門檻,將不會觸發對少數股東的股份強制要約轉移,又認為這將有助於瀋陽國資委以低於現金的水平收購華晨股份29.99%的股份,完成華晨重組並重新獲得對公司的控制權。這亦將使瀋陽國資委能夠將華晨豐富的現金餘額用於任何未來投資。
由於瀋陽市政府有望重掌公司控制權,大和料上市公司的現金將用於未來投資而不是派息;該行料投資期將數以年計,利用現時現金結餘及來自華晨寶馬的未來現金,用於持續資金投入。該行將華晨中國評級由「持有」一舉下調至「沽售」,目標價由3.5元削至2元。不過,上調其2024至25財年的每股盈測0.3至13%,因為該行對華晨寶馬盈利增長前景更加正面。
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