观点

Ally：重组接近完成却仍被低估，盈利将爆发

Third Point 从 2011 年起投资前身为 GMAC 的 Ally 的债券和优先股，判断市场高估了其按揭子公司 Rescap 的负债；Rescap 破产后 Ally 以约 20 亿美元了结全部按揭负债，与预期一致。Ally 剥离海外业务，转型为北美纯汽车金融公司。此前政府持股 75%、流通盘小，投资者不关注；Third Point 通过私下交易买入约 9.5%，成为最大股东之一。

Today’s Ally Financial (“Ally”) fits the pattern of other profitable investments we have made: a highly successful, nearly-completed restructuring that remains undervalued, with an explosive earnings story led by a talented management team who are economically aligned with shareholders.