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里昂现代牧业(1117.HK)配股新乳业A属三赢重申“买入”评级
格隆汇 07-19 11:02

里昂发表的报告指,现代牧业(01117.HK)公布新乳业(002946.SZ)同意收购公司约5.95亿股,当中2.76亿股为新股,而3.19亿股则为质押股份,涉资8.05亿元,此外双方将在原奶供应上策略合作。该行认为交易属「三赢」,对现代牧业来说可以解决历史遗留下来的质押股份、降低杠杆、加强股份流动性、令收入来源更多元化,以及重启扩张计划,而对新乳业来说,则有助在原奶价格上行周期初段锁定高质奶源。

该行认为对蒙牛乳业(02319.HK)来说,交易将其在现代牧业的持股降至47%,间接减低未来需整合现代牧业的潜在风险。该行重申予现代牧业“买入”评级,认为属今年的「黑马」,以现金流贴现率计,目标价1.7港元。

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