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Author: Tan KW   |   Latest post: Fri, 22 Feb 2019, 10:54 AM

 

DKSH集团 购价合理提高赚幅

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目标价:3.00令吉

最新进展:

DKSH集团(DKSH,5908,主板消费股)以1亿5770万新元(约4亿8090万令吉),收购从事冷冻食品分销与服务业的Auric Pacific(大马)有限公司,旨在增强现有快速消费品(FMCG)的市场扩展策略,并贡献盈利表现。 

该集团计划通过内部融资和银行贷款来完成这项交易,并放眼在2019财年首季完成。 

行家建议:

我们正面看待这项收购行动,因为DKSH集团可通过扩展客户群,交叉销售和扩展自家品牌的产品种类,带来潜在的协同效应。

虽然收购价格看似昂贵,惟仍旧合理,主要是Auric Pacific(大马)的赚幅达7%,比DKSH集团的1%至2%来得高。

假设该集团完全以银行贷款的形式完成交易,较高的利息成本将会稍微影响集团短期净利,且协同效应仅能在中至长期方能显现。

另外,该股近期被排除在回教股名单外,由于贷款组合未达入榜门槛,料短期内无法重回榜中。

考虑到市值下跌,我们将目标价下调40仙,至3令吉水平,这是按照2019财年的9倍本益比预估计算得出。

不过,我们认为该股已被低估,鉴于其估值诱人,且收购行动可提高赚幅,我们将投资评级上修至“超越大市”。

http://www.enanyang.my/news/20181225/dksh集团-购价合理提高赚幅/

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Labels: DKSH

Related Stocks

Chart Stock Name Last Change Volume 
DKSH 2.75 -0.03 (1.08%) 206,000 

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