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高盛:蒙牛(2319.HK)收購澳洲LDD擴展海外業務 維持“中性”評級
格隆匯 11-26 16:46

高盛發佈報告稱,蒙牛(02319.HK)收購澳洲品牌乳品及飲料公司Lion-Dairy & Drinks Pty Ltd(LDD)的100%股份,初始對價為6億澳元(約31.87億港元)。該行稱,如果交易完成,蒙牛有可能利用便宜的澳洲牛奶來源,出口到內地成為高端產品。蒙牛還稱進口高端產品將首先在澳洲生產,而不是目前在的西蘭,估計可以每年節省約2000萬元人民幣的成本。該交易將為蒙牛提供機會,使其有機會從澳洲生產其他高端產品或採購其他原料。

該行表示,鑑於交易潛在的協同效應,認為值得注意,又稱這是蒙牛在過去3個月中在澳洲提出的第2項交易,相信反映了該公司的目標,業務即將擴展到海外,並在內地以外獲得替代奶源。該行認為,可以在供應方面節省成本,但是需要更多時間才可利用LDD多個品牌產品組合的銷售,基於2020年預期市盈率24倍,給予蒙牛未來12個月的目標價31.4港元,保持“中性”評級。

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