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輝立證券:予蒙牛(2319.HK)“增持”評級 目標價34.6港元
格隆匯 10-23 16:23

輝立證券發佈報告稱,蒙牛(02319.HK)公佈擬以不超過14.6億澳元(78.6億港元)收購貝米拉,貝米拉為澳洲第一有機奶粉品牌,股份在澳洲證交所上市,具有全球知名度,在澳洲、紐西蘭、中國及東南亞均設有業務。

貝米拉2019財年毛利率達43.5%,EBITDA率達17.6%,均高於蒙牛。該行認為,有機嬰幼兒配方奶粉市場在嬰幼兒配方奶粉整體市場中,增長速度較快,利潤率也較高。該項收購能與蒙牛現有的嬰幼兒配方奶粉業務形成高度互補,有助蒙牛在中國及海外市場的拓展。

該行認為,從另一方面來看,原奶價格穩定將有利蒙牛聯營公司現代牧業(1117)的業績恢復,蒙牛產品結構將持續優化,預計能令毛利率得以維持,而君樂寶交割完成後,預計對整體利潤率也將有正面作用。

該行表示,給予蒙牛“增持”評級,目標價34.6港元。

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