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大和:升萬洲國際(0288.HK)評級至“跑贏大市” 目標價上調至9.6港元
格隆匯 11-14 14:27

大和發表的研究報告指,該行與萬洲(00288.HK)管理層於11月13日會面,公司預期中國豬價成本高企情況有望持續至2020年,但估計今年第四季包裝肉利潤將維持在第三季的水平,有賴於提價及低成本庫存的幫助。公司亦估計美國新鮮豬肉價格在明年上半年將維持升勢,該行將公司2019-21年每股盈利預測上調2-10%,並將評級由“持有”升至“跑贏大市”,認為可受惠其內地營運盈利能力改善,目標價由8港元提升至9.6港元。

該行指出,史密斯菲爾德食品料可見強勁復甦,在新鮮豬肉方面管理層估計由今年第四季至2020年利潤率將現按年擴張,而在包裝肉方面,管理層則估計每單位營運溢利將繼續上行。而在歐洲市場方面,公司估計收入增長及環球豬價向上將有助營運。

在內地市場方面,管理層有信心短期可透過改善產品組合、應用低成本庫存及價格調整等,維持包裝肉方面的每單位經營溢利,公司亦將內地新產品廣告開支翻倍,相關增長部分被成本管控措施等所抵銷。管理層估計豬肉供應在明年上半年將維持緊張,但不太可能於明年顯着增加豬肉庫存水平。

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