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里昂:重申蒙牛(2319.HK)“首要買入”評級 目標價36.6港元
格隆匯 11-26 15:20
里昂發表報告指,蒙牛乳業(2319.HK) 以6億澳元全購澳洲乳品及飲料公司Lion Dairy & Drinks,為集團繼收購澳洲奶粉公司貝拉米(Bellamy)後今年內第二次收購,證明了該行認為集團在收成期不會停止收購步伐的觀點。
該行表示,蒙牛本次收購除了估值吸引及可有即時的利潤增長外,亦看見集團能從中獲得長期的多重受惠,包括保證原奶供應、推動其在東南亞的擴張、取得具價值的品牌和研發知識,並可見不同市場在渠道及生產設施共享的協同效應。
里昂重申對蒙牛的“ 首要買入 ”評級及目標價36.6港元,相信集團收購Lion-Dairy & Drinks及Bellamy後,短期收購步伐會放慢,其重點將轉至整合資源上。

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