富瑞:料萬洲(0288.HK)今年盈利增16% 維持“買入”評級
富瑞發表研究報告指,萬洲國際(0288.HK)去年淨利潤強勁增長,較市場預期高14%。管理層相信,在全球貿易量增加及中國包裝肉類市場價格上升的推動下,增長趨勢將會持續。該行預料,今年集團的銷售增長將達5%,而純利亦將增長16%。富瑞維持萬洲國際“買入”評級,目標價10.8港元。
富瑞表示,萬洲管理層對今年的增長充滿信心。對於包裝肉類業務,由於中國生豬價格的上漲將被今年的價格上漲完全抵銷,因此預料其毛利率將保持穩定。鮮肉業務方面,在較高的價格差距之下,中美之間的貿易量將繼續擴大。
該行認為,長遠而言,集團將會繼續鞏固市場,並預料短期內利潤將受到關税削減,以及因中國生豬價格上升,從而推動包裝肉類的利潤率提高。

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