大和:上調康師傅(0322.HK)目標價至13.2港元 評級“持有”
大和發表研究報告指,康師傅控股(0322.HK)將向頂新收購飲品業務股權。頂新在飲品業務的股份將從22.1%,減少至17.1%。本次收購將由內部資源協助,預料於今年底完成。該行將康師傅控股目標價上調14.8%,由原來的11.5港元升至13.2港元,以反映公司通過併購更有效地利用資金,評級就維持“持有”,因為預料飲品業務收入疲軟將會持續存在。
大和表示,康師傅控股今次支付約30%的溢價,認為反映了飲品業務強勁的盈利復升。假設今年淨利潤增長75%,而明年就按年增長30%,收購價格意味市盈率為2018年的36倍、今年的20倍和明年的16倍。
該行指出,公司管理層期望以合理價格進一步增加在飲品業務方面的股份,但相信頂新在未來二至三年內,都不太可能再出售其股份,該行將公司2020至2021年的每股盈利預測上調4%至5%,以反映對飲品業務少數股權的收購。

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