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大摩:料康师傅(0322.HK)增持康师傅饮品股份有助提升EPS 评级“增持”
格隆汇 12-23 10:49

摩根士丹利发表研究报告,指康师傅(00322.HK)斥2.03亿美元向母公司顶新收购康师傅饮品5%股权,相信有关交易将带动明年的每股盈利增长,维持目标价14港元,评级“增持”。

该行表示,康师傅饮品业务於2017及2018年盈利为8.44亿元人民币及7.98亿元人民币,估计是次购入5%股权後,可有助提升2020年盈利1.3%。

该行指,有关交易将以全现金支付,料将减少利息支出约4,100万元人民币,而上半年,公司持有62亿元人民币现金,相信在完成交易後,亦可维持充足的流动性,2019财年派息比率亦可保持在100%。

该行又引述管理层指,增持股份是希望可以进一步发展饮品业务,相信在国内市场竞争愈趋激列下,仍有空间改善效率。

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