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Morgan Stanley: Maintains BRILLIANCE CHI (01114) 'Shareholding' rating with a Target Price of HKD 5.5.
Based on implied profit and the company's dividend guidance, the bank maintains the expectation of a recurring dividend distribution of 30 to 50 Hong Kong cents per share for the fiscal year 2024.
Brilliance China Automotive: Weak Performance by Associate BMW Brilliance Automotive Hurt Results
Brilliance China Automotive Expects 2024 Profit to Decrease by 60% on Year
BRILLIANCE CHI (01114.HK) profit warning: expected profit after income tax expenses to decrease by 60% in 2024.
On March 16, Glonghui reported that BRILLIANCE CHI (01114.HK) announced that the group expects the profit after income tax expenses for the year ending December 31, 2024, to decrease by about 60% compared to the year ending December 31, 2023. The expected profit decrease for the reporting year is mainly due to (i) the performance decline of the group’s major joint venture, Brilliance BMW Autos Co., Ltd.; and (ii) the withholding tax on dividends paid by subsidiaries during the year, amounting to approximately RMB 1.474 billion.
BRILLIANCE CHI: PROFIT WARNING
Soochow's 25-year training framework for Autos intelligence: 2025 may be the turning point year for Autos intelligence, and the profit distribution model in the Industry Chain may be similar to that of the Consumer Electronics Industry Chain.
We will closely track the changes in the penetration rate of L3 Asia Vets from 10% to 50% and then to over 80% between 2025 and 2027, based on the system of guiding automotive companies through new vehicle cycles, grassroots terminal research, and verification of popular vehicle models. Robotaxi (the core experience of L4 Asia Vets) will further disrupt perceptions, providing consumers with a faster, safer, and more comfortable way of travel, thereby enhancing social efficiency.
