《大行报告》美银美林料蒙牛(02319.HK)增长稳定评级「买入」
美银美林发表研究报告,蒙牛乳业(02319.HK)将悉售君乐宝51%股权,计及收取君乐宝特别股息5.68亿元人民币,所得款项共计45.8亿元人民币,相等於2018年核心市盈率41倍,是具吸引力的交易价。公司今年料录一次性税前收益约34.3亿元人民币,对每股基本核心盈利影响中性,因来自现金代价的利息收入,将覆盖君乐宝近5%的每股基本盈利贡献。
报告又指,由於蒙牛对君乐宝的控制有限,故是次出售对公司营运影响微,不过可加强资产负债表,支持自然增长及并购机会。另外,蒙牛与可口可乐联合赞助奥运,相信有助增强品牌权益及扩大市占率。
该行预料蒙牛今年上半年销售增长10%至15%,当中第二季增长动力稳固,相信今年可如期达到经营利润率扩张50点子的目标,重申评级「买入」,目标价33.5元。
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