《大行報告》花旗:澳優(01717.HK)獲伊利入股料影響正面 期待協同效應
伊利(600887.SH)將以34.33%持股成爲澳優乳業(01717.HK)最大股東,花旗發表報告,相信伊利是希望在侵蝕效應儘量最少化的情況下,擴大嬰兒配方奶粉(Infant Milk Formula, IMF)市場份額,而澳優聚焦高檔市場,而且在嬰兒配方羊奶粉市場有領導地位,能夠補足伊利的高檔嬰兒配方奶粉業務。該行認爲,澳優股權變動,有利估值,未來正面因素會視乎更多協同效應釋放。該行對澳優持「買入」評級,目標價10.6元。
花旗認爲,長遠來說澳優和伊利會在供應鏈和銷售渠道上整合,達致協同效應。該行指,中國嬰兒配方奶粉市場已正由增長期進入整固期,預計未來行內會有更多併購,有利行業估值。
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