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《大行報告》里昂現代牧業(01117.HK)配股新乳業A屬三贏重申「買入」評級
阿思達克 07-19 10:15

里昂發表的報告指,現代牧業(01117.HK)公布新乳業(002946.SZ)同意收購公司約5.95億股,當中2.76億股為新股,而3.19億股則為質押股份,涉資8.05億元,此外雙方將在原奶供應上策略合作。該行認為交易屬「三贏」,對現代牧業來說可以解決歷史遺留下來的質押股份、降低槓桿、加強股份流動性、令收入來源更多元化,以及重啟擴張計劃,而對新乳業來說,則有助在原奶價格上行周期初段鎖定高質奶源。

該行認為對蒙牛乳業(02319.HK)來說,交易將其在現代牧業的持股降至47%,間接減低未來需整合現代牧業的潛在風險。該行重申予現代牧業「買入」評級,認為屬今年的「黑馬」,以現金流貼現率計,目標價1.7元。

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