花旗:康師傅(0322.HK)收購飲料子公司屬估值過高 維持“沽售”評級
花旗發表報告表示,康師傅(00322.HK)同意以2.03億美元收購母公司頂新持有的康師傅飲品5%股份,市場對其具有很高估值,但未覺得此項交易有非常積極的作用,維持康師傅“沽售”評級。
花旗指出,該筆交易估值相當於2018年市盈率的35倍,而康師傅去年的市盈率為25.4倍。由於市場競爭,產品缺乏創新以及在市場上缺乏主導地位,康師傅飲料業務在結構上較薄弱。另外,相關報告表示,該筆交易估值略高於前次交易,利好飲料業務盈利能力提升,有助於改善飲料業務利潤率,預計持股比例的增加將提升康師傅飲品淨利潤6%-7%,對整體盈利貢獻為1.4%左右。

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