摩根大通发表报告指，华晨中国(01114.HK) 公布派特别息每股1元，符合该行预期，时机有比预期稍早，相信公司在派发特别息后，不计来自华晨宝马的经常性投资收入，仍有约每股1.5元现金在手。华晨中国在去年12月公布，未来将目标分配不少于 50%的税后经常性利润作为股息。该行认同管理层对长期股息政策的承诺，这展现了稳定回报的信心。
该行基于对内地汽车市场的谨慎观点，下调了对其与华晨宝马合资企业的盈利预期。尽管盈利预期有所下调，但根据该行的分析，50%的股息支付率在未来几年仍可带来12-13%的股息收益率。
该行将华晨中国目标价由7.5元降至5.5元，维持“增持”评级，因为高股息收益率和稳定政策对长期投资者具吸引力。(vc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-07 12:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.