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大行評級|摩根大通:吉利私有化極氪有助提升協同及成本競爭力 予其“增持”評級
格隆匯 05-08 12:31
摩根大通研究報吿指,吉利汽車昨日公佈計劃私有化極氪,認為此舉與集團整體策略一致,旨在提升吉利、極氪和領克的業務協同效應及提高成本競爭力。而吉利去年亦進行了類似的整合,讓領克成為極氪的子公司,以避免產品重疊。該行預料大多數極氪股東會選擇將手上股份轉換為吉利的股份,希望享受吉利在國內外市場的長期增長潛力。假設所有極氪股東選擇換股,則股權最大稀釋程度約為10%。不過該行相信,吉利和極氪業務整合所減省的成本,以及商業協同效應所帶來的影響,長遠而言將超過股權稀釋的影響。另外,集團早前亦發盈喜,料今年首季盈利約55億元,當中包括因人民幣貶值帶來近20億元的外匯收益。該行現予吉利汽車目標價23港元及“增持”評級。
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