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大摩:料康師傅(0322.HK)增持康師傅飲品股份有助提升EPS 評級“增持”
格隆匯 12-23 10:49

摩根士丹利發表研究報告,指康師傅(00322.HK)斥2.03億美元向母公司頂新收購康師傅飲品5%股權,相信有關交易將帶動明年的每股盈利增長,維持目標價14港元,評級“增持”。

該行表示,康師傅飲品業務於2017及2018年盈利為8.44億元人民幣及7.98億元人民幣,估計是次購入5%股權後,可有助提升2020年盈利1.3%。

該行指,有關交易將以全現金支付,料將減少利息支出約4,100萬元人民幣,而上半年,公司持有62億元人民幣現金,相信在完成交易後,亦可維持充足的流動性,2019財年派息比率亦可保持在100%。

該行又引述管理層指,增持股份是希望可以進一步發展飲品業務,相信在國內市場競爭愈趨激列下,仍有空間改善效率。

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