《大行報告》美銀美林料蒙牛(02319.HK)增長穩定評級「買入」
美銀美林發表研究報告,蒙牛乳業(02319.HK)將悉售君樂寶51%股權,計及收取君樂寶特別股息5.68億元人民幣,所得款項共計45.8億元人民幣,相等於2018年核心市盈率41倍,是具吸引力的交易價。公司今年料錄一次性稅前收益約34.3億元人民幣,對每股基本核心盈利影響中性,因來自現金代價的利息收入,將覆蓋君樂寶近5%的每股基本盈利貢獻。
報告又指,由於蒙牛對君樂寶的控制有限,故是次出售對公司營運影響微,不過可加強資產負債表,支持自然增長及併購機會。另外,蒙牛與可口可樂聯合贊助奧運,相信有助增強品牌權益及擴大市佔率。
該行預料蒙牛今年上半年銷售增長10%至15%,當中第二季增長動力穩固,相信今年可如期達到經營利潤率擴張50點子的目標,重申評級「買入」,目標價33.5元。
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