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00489 DONGFENG GROUP
RTNominal up3.270 +0.050 (+1.553%)
Others

19/12/2019 11:18

{I-bank focus}Dongfeng's PSA stake cut implies higher payout

[ET Net News Agency, 19 December 2019] Dongfeng Motor Group (00489) announced an
agreement to sell 30.7mn of its 110.6mn Peugeot S.A. (PSA) shares to PSA for EUR680mn (or
HK$5.9bn). After the transaction, Dongfeng will still own 79.9mn PSA shares, representing
9.4% of the issued share capital of PSA.
Huatai Research said the cash should give Dongfeng scope to raise its profit payout,
which could be a positive catalyst for Dongfeng's share performance. On the other hand,
Dongfeng is not selling all of its stake in PSA, which could disappoint some investors.
Overall, the research house believes the share sale is a positive move.
Huatai maintained its "buy" rating and HK$10.5 target price on Dongfeng. (KL)

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