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UBS: DONGFENG GROUP (00489.HK) TP Lifted to $10.5 on Voyah Brand Valuation
Recommend 20 Positive 39 Negative 15 |
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DONGFENG GROUP (00489.HK) announced at the end of August its intention to distribute shares of its high-end NEV business, Voyah, to shareholders, and apply for Voyah's H-shares to be listed on the Stock Exchange by way of introduction, UBS published a research report saying. Meanwhile, its substantial shareholder, Dongfeng Motor Corporation, planned to privatize the remaining business of the Company, and will delist its H-shares upon completion. Taking into account the privatization offer valuation proposed in cash for Voyah's shares, UBS lifted its target price for DONGFENG GROUP from $5.2 to $10.5, slightly below the nominal offer value of $10.85, reflecting risks related to shareholder approval and investors' relative unfamiliarity with the Voyah brand, with rating kept at Neutral. Voyah's 8M25 sales increased by 92% YoY, slower than XPENG-W (09868.HK)(XPEV.US) and LEAPMOTOR (09863.HK), but faster than NIO-SW (09866.HK)(NIO.US), LI AUTO-W (02015.HK)(LI.US), BYD COMPANY (01211.HK) and Zeekr (ZK.US), coupled with only four models currently in its product mix and potential to add more models, the broker added. AASTOCKS Financial News Website: www.aastocks.com |
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