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瑞銀:因應嵐圖品牌估值 升東風(00489.HK)目標價至10.5元
瑞銀髮表研究報告指,東風集團(00489.HK)上月底宣佈擬向股東分派旗下高端新能源汽車業務嵐圖的股份,並申請嵐圖H股在聯交所以介紹形式上市,同時大股東東風公司計劃將公司剩餘業務私有化,完成後東風將撤銷H股上市地位。 瑞銀指,計入以現金及嵐圖股份提出的私有化要約估值,將東風的目標價從5.2元上調至10.5元,較要約名義值10.85元有輕微折讓,當中反映股東批準風險及投資者對嵐圖品牌相對不熟悉等因素,維持「中性」評級。該行指出,今年首八個月嵐圖銷量按年增92%,增幅較小鵬(09868.HK)(XPEV.US)及零跑(09863.HK)低,但高於蔚來(09866.HK)(NIO.US)、理想(02015.HK)(LI.US)、比亞迪(01211.HK)及極氪(ZK.US),加上目前產品組合僅四款車型,有新增更多車型的潛力。
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