Core Viewpoint - Morgan Stanley's research report predicts that Brilliance China Automotive's dividend for the first half of 2026 will range from HKD 0.35 to HKD 0.9, implying a dividend yield of approximately 8% to 21% [1] Group 1 - The attractive dividend level may not be sustainable, as the company's cash levels are no longer as abundant as before [1] - The profitability of the Brilliance BMW joint venture in the Chinese market is expected to continue facing challenges [1] - Earnings forecasts for Brilliance China Automotive have been revised downwards by 11% and 4% for 2025 and 2026, respectively [1] Group 2 - The target price for Brilliance China Automotive has been reduced from HKD 4.7 to HKD 4.1 [1] - The investment recommendation has been downgraded from "Overweight" to "Neutral" [1]
大行评级丨摩根大通：下调华晨中国目标价至4.1港元 后续股息可能迅速回落