郭家耀: 港股短期料难突破 蒙牛(02319.HK)并购澳同业惹憧憬
正荣金融业务部副总裁郭家耀称,美股周三(27日)造好,三大指数继续破顶,市场对中美贸易谈判能够达成协议保持乐观,联储局最新经济报告指当地经济活动适度扩张,利好大市气氛。美元温和向好,美国十年期债息上升至1.76厘水平,油价及金价则略为受压。港股预托证券大致偏软,预料大市早段跟随低开。内地股市反覆回落,中国十月份工业企业利润数据疲弱,市场忧虑经济下行压力仍大。沪综指低开低走,收市下跌0.1%,沪深两市成交额减少至3,555亿元人民币。
港股继续好淡争持,市场观望外围消息,指数受制於27,000点水平。投资者关注中美贸易关系进展,短期不易出现太大突破,预料指数继续於26,500至27,400点上落。
另蒙牛乳业(02319.HK)日前公布拟收购澳洲品牌乳品及饮料公司Lion-Dairy & Drinks Pty Ltd全部股权,初始对价为6亿澳元。Lion-Dairy & Drinks主要从事生产及销售其乳制品及饮料组合,包括奶类饮品、酸奶、白奶、低温果汁及饮料、常温果汁及饮料、沙冰、烹调及植物基产品。蒙牛表示今次收购乃打造区域市场整合者的重要里程碑,能够提供可观的市场拓展机遇,并有助於集团在高端超高温处理奶品的发展机遇及供应链的协同效应。
今次作价相当於LDD去年市盈率约13倍,企业价值相对EBITDA比约5.7倍,较同业有明显折让,正好反映今年较困难的经营环境。协同效益方面,澳洲原奶价格大幅低於中国,交易完成後,蒙牛可利用便宜的澳洲奶源,并将更多的高级乳制产品出口到中国,充分反映成本优势。
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