《大行報告》美銀證券:中鋁(02600.HK)收購雲南鋁業19% 作價估值合理
美銀證券發表研究報告指,中國鋁業(02600.HK)近日宣布斥資逾66億元人民幣,收購雲南鋁業(000807.SZ)約19%股權,考慮到雲南鋁業股本回報率遠高於中鋁,收購價僅較前收市價溢價5.5%,對應雲鋁2021財年1.9倍市賬率及9.5倍市盈率,認為交易作價合理。
考慮中鋁於中國鋁行業的領先地位,美銀證券維持其H股「買入」評級,預期交易有利於進一步解決同業競爭問題,亦符合國企改革的主題,相信中鋁可透過規模經濟,提升行業地位和盈利能力,以及增加綠色鋁產能,為業務經營帶來協同效應,亦有助於改善財務指標,給予中鋁H股目標價4元。
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