大和:重申蒙牛乳業(2319.HK)買入評級 目標價升至58港元
大和發表研究報吿指,蒙牛乳業(2319.HK)在處理原料奶成本上升方面比同業更佳,其併購亦變得更專注於國內和價值增長,將集團目標價由45港元上調至58港元,重申買入評級。
大和表示,由於季節性和優質原料奶的短缺,去年第四季在現貨市場的原料奶成本按季升逾10%,該行預期集團的上游採購能力將使其能夠比同行更快地推出巴氏奶等優質產品,並降低單位原料奶成本。由於預期收入貢獻增加以及預料其關聯公司現代牧業將有更高利潤,該行將集團2021至22年每股盈利預測微升1%。
大和指出,自集團於去年8月未能在澳洲收購Lion Diary後,該行注意到集團已加快國內併購和設立合資企業,其中包括成為妙可藍多最大的股東,並與可口可樂在中國建立合資企業,推出了優質乳製品,例如巴氏殺菌產品。該行相信,由於消費者更熟悉這些品牌,並且更容易與集團現有的銷售和生產平台產生協同效應,料近期的併購將更快為集團收入和淨利潤做出貢獻。

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