大行评级丨小摩：维持长和“增持”评级，认为怡和没有强烈动机收购百佳

中金财经04-20

摩根大通发表研报指，近期有传怡和向长和洽购百佳超级市场，并与旗下惠康合并。该行认为认为怡和没有强烈动机收购百佳，因香港超市板块并非其有意增持的领域(除非作价非常吸引)，而且百佳的利润率较低，去年EBITDA利润率低于1%，EBIT更录轻微亏损。若按2013年传闻百佳估值约30亿至40亿美元计算，假设EBITDA利润率为0.7%，料交易隐含企业价值倍数(EV/EBITDA)将超过200倍；即使假设...

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