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野村:升萬洲(0288.HK)目標價至10港元 預期經營溢利增長續正面
格隆匯 10-29 11:00

野村發表研究報告指,萬洲(00288.HK)第三季的經營溢利增長顯着改善至55%(相比首季跌10%,次季跌13%),主要由美國上游業務復甦、中國的包裝肉和新鮮豬肉業務改善帶動。美國經營溢利按年增長172%,是自2017年第三季以來首次正增長,主因生豬生產業務的經營溢利達8,800萬美元,而去年同期虧損8,000萬美元,中國業務經營溢利亦按年增長18%。

該行指,美國新鮮豬肉業務按季明顯復甦,第四季相信可轉正數,同時趨勢會於明年持續,主因中美生豬價格的差距擴大;國內包裝豬價按年持平,按季升5個百分點,公司指自去年12月起,其包裝豬肉價格已提升5次,銷售亦持續良好。雖然豬價上升,但卻不擔心公司的利潤壓力,因預期公司潛在提價、公司有策略性的冷藏存倉、經營效率改善。

該行升2019-21年盈利預期5-8%,以反映中國包裝豬和新鮮豬肉業務勝預期,目標價由9.5港元上調至10港元,維持“買入”評級。

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