Brilliance China Automotive 1114

Re: Brilliance China Automotive 1114

Postby winston » Wed Jan 23, 2019 9:44 am

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<Research Report>Citi Raises BRILLIANCE CHI (01114.HK) TP to $8.8; Spec Div Payout Ratio May Rise

Citigroup's report pointed out that auto retail sales in China?s tier-1 and tier-2 cities have been recovering, for which the target PER multiple on BRILLIANCE CHI (01114.HK)'s 2019E EPS estimates was lifted to 6.1 times from 5 times.

The broker rated Buy on BRILLIANCE CHI at the target price $8.8, raised from $7.2, with anticipated special dividend payout ratio of 48-74% in 2022, better than 50% in previous projection.

Source: AAStocks Financial News
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Re: Brilliance China Automotive 1114

Postby winston » Mon Jul 29, 2019 12:00 pm

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<Research Report>Nomura Downgrades BRILLIANCE CHI (01114.HK) to Neutral with Target Cut to $10.2

BRILLIANCE CHI (01114.HK)'s declaration of special DPS of $0.74 is equivalent to 15% of the post-tax cash proceeds it would receive from the disposal interest in its JV, Nomura said in its report, who also believed there will be second dividend distribution after the completion of transaction in 2022.

The target price was cut to $10.2 from $11.5 with rating maintained at Neutral.

Among domestic autos, Nomura was upbeat on GEELY AUTO (00175.HK) and GAC GROUP (02238.HK).

Source: AAStocks Financial News
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Re: Brilliance China Automotive 1114

Postby winston » Mon Jul 29, 2019 12:04 pm

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<Research Report>M Stanley: BRILLIANCE CHI (01114.HK) Still Among Top-picks with Spec. DPS $0.74

BRILLIANCE CHI (01114.HK) announced a special DPS of $0.74 to shareholders whose names appear on the register of members on 8 August.

The company maintained a DPS of $0.11 every year, meaning the total DPS will be $0.85 (plus special DPS of $0.74).

Morgan Stanley noted Brilliance's payout ratio (65%) was far ahead of peers and its past record.

As one of the top-picks, Brilliance was maintained at Overweight, with an unchanged target of $12.

Source: AAStocks Financial News
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Re: Brilliance China Automotive 1114

Postby winston » Fri Sep 25, 2020 9:33 am

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Exclusive: Chinese state investors to take BMW partner Brilliance private - sources

By Julie Zhu, Yilei Sun

HONG KONG/SHANGHAI (Reuters) - Chinese state-backed investors are considering taking BMW's BMWG.DE main Chinese joint-venture partner Brilliance private, five people with knowledge of the matter told Reuters, in the latest such deal targeting beaten down Hong Kong-listed stocks.

Shares in Brilliance China Automotive Holdings Ltd 1114.HK reversed losses and rose as much as 12.3% to HK$7.86 on Wednesday afternoon, their highest since Aug. 17, following the news. The company has a market value of $4.6 billion.

The deal to take it private would be led by state-controlled Liaoning Provincial Transportation Investment Group, which owns 12% of the automaker, the sources said.

The privatisation would attract other Chinese state-backed investors and could kick off as soon as the fourth quarter of the year, said two of the people.

Brilliance’s parent, Huachen Automotive Group [LNGOVC.UL], said it had not obtained any relevant information about Liaoning Transportation Investment Group considering leading the deal.

Brilliance, Liaoning Transportation Investment Group, the provincial state asset regulator, and BMW did not immediately respond to requests for comment. The sources declined to be identified as the matter was confidential.

Based in northeastern Liaoning province, Brilliance is 30% owned by Huachen Group, which is majority-owned by the provincial state asset regulator.

The regulator supports the proposal and Liaoning Transportation Investment Group has talked to several banks about financing, said three of the people.

Prospective investors believe Brilliance is undervalued in Hong Kong, the sources said, as the automaker is trading at 3.67 times expected earnings, way below the industry’s median multiple of 14.4, according to Refinitiv data.

Hong Kong's market has also underperformed major peers so far this year, with the blue-chip Hang Seng Index .HSI down 16% as of Wednesday, compared with a 14% gain for China's CSI 300. Brilliance shares have fallen 10% in the same period.

The privatisation would come ahead of BMW buying another 25% to take control of the JV - BMW Brilliance Automotive (BBA) - for 3.6 billion euros ($4.2 billion) in 2022.

Based on that offer, Brilliance’s current 50% stake in the venture, which contributed to almost all the listed firm’s profit in 2019, would be worth 7.2 billion euros ($8.4 billion), 83% higher than its market value. Its stake will halve to 25% after BMW increases its share.

While the take-private proposal will not impact BMW’s plan to increase its stake in the JV, Brilliance’s valuation is likely to weaken after it loses control of the venture even though it is likely to remain profitable, the sources said.

Brilliance also owns 51% of a venture with France's Renault SA RENA.PA making vans and sport-utility vehicles, and a stake in an auto-financing firm.

It has yet to be decided if Huachen Group plans to divest its stake in Brilliance, said the people, adding the Liaoning government is planning a major restructuring of the debt-laden group.

Huachen’s debt totalled 133 billion yuan ($19.6 billion) as of the end of June, with short-term borrowings reaching 16.5 billion yuan. Its cash balance was 32.6 billion yuan, versus 37.8 billion yuan at the end of 2019.

Source: Reuters

https://ca.reuters.com/article/idUSKCN26F0FF
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Re: Brilliance China Automotive 1114

Postby winston » Fri Sep 25, 2020 11:16 am

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Aug 24, 2020

<Research Report>Daiwa Lifts BRILLIANCE CHI (01114.HK) TP to $10.2; Rated Buy

BRILLIANCE CHI (01114.HK)'s 1H20 net profit spiked 25% with BMW Brilliance seeing 23% growth and other brands witnessing trimmed losses, Daiwa reported.

The broker raised its 2020-22E EPS by 2-3% to reflect the company's own brand was performing better than expectations.

BRILLIANCE CHI was maintained Buy with target price hiked to $10.2 from $10.

Source: AAstocks.com
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Re: Brilliance China Automotive 1114

Postby winston » Fri Oct 30, 2020 7:22 am

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Debt at China’s state-owned firms in question after BMW partner fails to repay billion-yuan bond

Brilliance Auto, owned by the Liaoning provincial government, says it is suffering from tight liquidity just four months after claiming it had US$7.65 billion worth of ‘cash and equivalents’

Company has failed to repay 1 billion yuan to its bondholders after the bond matured last week

The company still has 13 batches of outstanding bonds totalling 16.2 billion yuan, and many of them will mature in 2021 and 2022.

Source: SCMP

https://www.scmp.com/economy/china-econ ... mw-partner
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Re: Brilliance China Automotive 1114

Postby winston » Thu Nov 05, 2020 9:51 am

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Brilliance China Automotive Holdings (1114 HK)
3Q20: BBA’s Net Profit Grows 51% yoy, Beating Estimates


From BMW’s 3Q20 report, we estimate Brilliance’s shared net profit of BBA grew 51% yoy and 21% qoq to Rmb3.48b in 3Q20, beating our estimate, on higher-thanexpected net profit of Rmb34,100/unit (-0.8% yoy, +1.3% qoq).

We keep our 2020-22 net profit estimates for Brilliance.

Maintain BUY. Target price: HK$14.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 4790a27f9c
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Re: Brilliance China Automotive 1114

Postby winston » Tue Nov 10, 2020 2:45 pm

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Brilliance China Auto (1114 HK) - Overhang from parent’s woes

Brilliance has agreed to dispose a 25% stake (from 50%) in the profitable BMW JV by 2022 for a consideration of RMB29bn.

With the disposal agreement, the JV is extended to 2040 (from 2028).

Brilliance’s future earnings prospects will be driven by the execution of its premiumization strategy which includes plans to increase localization of higher end models (e.g. production of X5 series from 2022) and grow export volumes, which should help to partially mitigate the lower share of BMW profits after the stake sale takes effect.

BMW also plans to position China as the global export base for the all-electric iX3 in 2020.

In 2019, returns from the lucrative BMW joint venture accounted for ~98% of the consolidated revenue and ~111% of Brilliance’s bottom line, which helped to offset losses at the company’s own brands.

For 2020, although macro uncertainties and intense competitive pressures remain, a gradual recovery should continue to gather momentum, following the industry’s heavy de-stocking in 2019 and normalization of operations post Covid-19.

Near term concerns over its parent’s debt issue however could continue to weigh on share price and detract from the fundamentally improving picture. HOLD.

Source: OCBC
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Re: Brilliance China Automotive 1114

Postby winston » Mon Nov 16, 2020 7:27 pm

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BRILLIANCE CHI Informed by Controlling Shareholder of Potential Restructuring

BRILLIANCE CHI (01114.HK) has been informed by its controlling shareholder, Huachen Automotive, that Huachen had recently received a written notice from Shenyang Intermediate People’s Court.

According to the Notice, Gezhi Automobile Technology had filed an application to the Court for restructuring of Huachen.

As at this moment, it remains uncertain as to whether the restructuring application will be accepted by the Court or whether Huachen will undergo the restructuring process.

Source: AAStocks Financial News
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Re: Brilliance China Automotive 1114

Postby winston » Thu Oct 06, 2022 9:08 am

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Brilliance China hits the skids on loan guarantees

Revealed a loss of 4.06 billion yuan (HK$4.47 billion) as a result of providing loan guarantees.

The state-backed company had 1.9 billion yuan worth of unauthorized guarantees, while its subsidiary SJAI brought a deposit loss of 4.06 billion yuan after providing pledges as security for bank acceptance bills issued by other sister companies.

Moreover, a net outflow of 1.7 billion yuan was disclosed as a result of the "unrecorded or improperly recorded" fund transfers.

the company reported an 89.1 percent net profit slump to 829.88 million yuan for the first half, mainly due to the sales of a 25 percent stake to BMW in February 2021.

BMW paid 27.94 billion yuan to increase its control to 75 percent in the joint venture, which it established in 2003.

In 2020, the struggling parent Brilliance Auto Group went into bankruptcy and restructuring as it had insufficient assets to pay off all its debts, which hit 71.8 billion yuan as of June 1.


Source: The Standard

https://www.thestandard.com.hk/section- ... guarantees
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