《大行報告》瑞銀下調東風集團(00489.HK)目標價至4.2元 評級「中性」
瑞銀發表報告,維持東風集團(00489.HK)「中性」評級,目標價由4.6元下調至4.2元。同時,由於上半年表現不佳和合資企業業務惡化,將2023至2025年每股盈利預測下調59%至69%。瑞銀指,雖然該股面臨基本面挑戰,但任何形式的股東回報都可能導致股價重估。
該行指,東風旗下東風日產和東風本田這兩個主要利潤貢獻者繼續面臨挑戰,市場份額和利潤都在下降。雖然公司的淨現金和金融資產是目前市值的兩倍,但管理層並未表示有增加股東回報的計劃。而公司正在投資自主品牌電動車,但在激烈的市場競爭中,這些電動車缺乏創造利潤的能見度。不過,公司的市賬率估值與業內同行相比大幅折讓。因此該股相對低的估值令該行不會過度看淡。
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