招銀國際:予蒙牛(2319.HK)“買入”評級 目標價37港元
招銀國際發佈報告稱,蒙牛乳業(2319.HK)近期作出較多投資,相信有助加快業務拓展,認為可現價買入,目標價37港元,止損28港元,予“買入”評級。
該行稱,蒙牛本月初公佈以2.8億元人民幣(下同)入股妙可藍多5%股權,雙方達成戰略協議,將在奶酪展開深入合作,蒙牛同時斥資4.58億元,入股妙可藍多旗下的吉林科技43%股權。該行認為,妙可藍多主要生產奶酪和液態奶產品,擁有“妙可藍多”和“澳醇牧場”等國內品牌,在內地有四間廠房,加上本身也為蒙牛生產芝士條,芝士產品於內地市場滲透率甚低,長遠增長空間龐大。
該行預計,蒙牛與妙可藍多的戰略合作,有助改善用產能及採購原材料以節省成本,併合作拓展分銷網絡、擴充產能及避免互相競爭。第二次交易的投資額及短期盈利貢獻都不大,但有助蒙牛於高速增長的內地芝士市場加快發展步伐。
另外,蒙牛去年11月公告以6億澳元收購澳洲品牌乳品及飲料公司Lion-Dairy & Drinks 的100%股份,有助蒙牛以較低成本獲取澳洲原奶、拓展東南亞市場、借共享分銷網絡及設施達致協同效應。

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