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大和:上調萬洲(0288.HK)評級至“優於大市” 升目標價至9.6港元
格隆匯 11-14 14:03

大和發表研究報告指,萬洲國際(0288.HK)管理層預期今年四季度肉製品加工業務的利潤率或可維持三季度水平,因產品價格上升但庫存成本較低,遂將投資評級由“持有”上調至“優於大市”,目標價由8港元上調至9.6港元。

大和表示,萬洲的管理層在交流時表示,儘管中國內地豬肉價格高企的情況或持續至明年,但公司透過控制固定成本及優化產品線,有信心可以對衝豬肉成本上的壓力,以及在短期內維持肉製品的利潤率。公司預計,明年上半年的生豬供應仍然緊張,但不會大幅提高豬肉庫存水平,因為明年下半年豬肉價格有可能修正。

大和續指,萬洲管理層預期旗下Smithfield受低基數和豬肉期貨上漲的影響,今年第四季至明年鮮肉業務的利潤率有機會按年進一步提升,加工肉的營業利潤也有望維持上漲趨勢。至於歐洲業務,大和指由於收入增加和全球豬價均較高,萬洲的歐洲業務有望受益。

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