Bayerische Motoren Werke AG (BMW:GR) (BMWYY) PT Raised to EUR112 at HSBC, 'see limited earnings upgrade potential'The analyst commented: "Cash concerns take shine off an otherwise decent Q4 2023: From a PL perspective, Q4 was strong, although largely due to a solid result in "Others/Elims", but this was backed up by a better than expected dividend and Auto FCF (all vs VA consensus). Unlike others, capitalisation was a small headwind, so we have no gripes on earnings quality. The problem is the net cash position in the Auto division, which at EUR17bn was cEUR5bn less than the consensus expectation. It seems a dividend out of the Brilliance JV (EUR5.8bn in total, of which BMW received EUR4.4bn) landed in the "Other Entities" segment, from which it was then deployed on other projects. This limited the scope for further cash returns to shareholders. Maintain Hold; raise TP to EUR112 (from EUR110), which implies 5% upside. We see limited earnings upgrade potential and less cash available to return to shareholders. Upside and downside risks are macro related, along with the risks of BEV price competition."