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RTNominal unchange7.300 0.000 (0.000%)
Research Report

15/04/2021 17:11

{I-bank focus}Daiwa lowers Brilliance Chi (01114) to HK$4.9

[ET Net News Agency, 15 April 2021] Daiwa lowered its target price for Brilliance
China Automotive (01114) to HK$4.9 from HK$9.7 and downgraded its rating to "sell" from
The research house said Brilliance made an announcement on 14 April related to the
unauthorised guarantees, legal proceedings and cash balance mismatch of its indirect
wholly-owned subsidiary (Shenyang Jinbei Automotive Industry Holdings - SJAI), which holds
a 50% stake in BMW Brilliance. It believes such unauthorised transactions revealed key
corporate governance issues and would likely be a long-term concern for investors.
It expects a write-off of CNY2,380m in 2020 book value due to the mismatch in the bank
actual account, and another potential provisioning for the rest of CNY4,406m.

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