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花旗:維持中國飛鶴(6186.HK)“買入”評級 目標價22.1港元
格隆匯 09-07 14:24

花旗發表研究報告稱,中國飛鶴(6186.HK)擬以每股0.63港元收購原生態牧業(1431.HK),將可使飛鶴能夠提前獲得優質的國內鮮奶資源,並將鮮奶供應短缺的潛在風險降至最低,維持其“買入”評級,目標價22.1港元。

花旗指出,不同於與國內許多使用進口散裝奶粉的企業,飛鶴使用鮮奶作為其嬰幼兒配方奶粉的主要成份,管理層預計到2023年每天需要1800噸鮮奶;而完成收購後,原生態牧業的全部鮮奶將提供給飛鶴,以滿足飛鶴未來在嬰兒配方奶粉生產中快速增長的鮮奶需求。

該行又指,生態牧業目前的牛羣到2021年可生產43萬噸原奶,需要擴大50%才能滿足飛鶴在2023年的需求,考慮到當前對巴氏殺菌牛奶的市場需求不斷增加,管理層預計國內鮮奶資源將短缺,故乳品公司一直在積極加強對鮮奶資源的控制,而本次收購將使飛鶴今年淨資產收益率從39%略微稀釋至36%,但依然強勁。

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