Citi: Brilliance China Automotive (01114) issues profit warning in line with expectations, target price HKD 2.7.
The bank expects Brilliance China to declare a dividend of HKD 0.8 per share in the third quarter, involving an amount of 3.5 billion RMB, which is approximately 50% of its cash reserves.
Citibank released a research report stating that Brilliance China Automotive (01114) expects its net profit in the first half of the year to decline by up to 56% year-on-year, in line with the bank's expectations. The bank maintained a "Buy (High Risk)" rating for the company, with a target price of HKD 2.7. The bank anticipates that Brilliance China will declare a dividend of HKD 0.8 per share in the third quarter, involving an amount of RMB 3.5 billion, which represents about 50% of its cash reserves.
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