里昂:重申蒙牛(2319.HK)“首要买入”评级 目标价36.6港元
里昂发表报告指,蒙牛乳业(2319.HK)
以6亿澳元全购澳洲乳品及饮料公司Lion Dairy & Drinks,为集团继收购澳洲奶粉公司贝拉米(Bellamy)后今年内第二次收购,证明了该行认为集团在收成期不会停止收购步伐的观点。
该行表示,蒙牛本次收购除了估值吸引及可有即时的利润增长外,亦看见集团能从中获得长期的多重受惠,包括保证原奶供应、推动其在东南亚的扩张、取得具价值的品牌和研发知识,并可见不同市场在渠道及生产设施共享的协同效应。
里昂重申对蒙牛的“
首要买入
”评级及目标价36.6港元,相信集团收购Lion-Dairy & Drinks及Bellamy后,短期收购步伐会放慢,其重点将转至整合资源上。
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