富瑞:蒙牛(2319.HK)私有化雅士利拖低盈利,予“買入”評級
格隆匯5月10日丨富瑞發研報指,蒙牛乳業(2319.HK)斥約14.24億港元收購達能所持雅士利(1230.HK)25%股權,並以每股註銷價1.2港元向雅士利股東提有條件以協議安排方式私有化方案。此外,蒙牛乳業斥最高不超過16億元人民幣達能收購低温業務合營公司20%股權。該行認為,以上交易將拖低集團今年盈利1.8%。惟長遠來説,預期集團將推行更多措施改善營運。該行予集團“買入”評級,目標價54港元。
該行指出,隨着蒙牛對該些公司的持股比例增加,對其純利影響將會更大。另外,蒙牛從達能獲得專有技術,並領導合作業務,預計一旦交易完成,對這些業務運營的影響將非常有限。此外,蒙牛在管理業務方面可更加靈活,並在內部尋找更多協同效應。中期而言,該行預期集團將會改善營運效率以增加利潤。

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