大和:萬洲(0288.HK)美國出口業務持續強勁 上調評級至買入
大和總研發表研究報告指,萬洲國際(0288.HK)去年淨利潤按年增長55%,當中第四季按年增長92%,優於該行及市場預期。該行又認為,去年第四季以來美國強勁的出口業務可能會持續,因此該其評級由“優於大市”上調至“買入”,惟將目標價由9.6港元下調至9.2港元。
大和指,集團去年第四季美國業務營業利潤按年增長1.8倍;而中國營業利潤第四季增速則放緩至5%,對比第三季度為按年增長32%。
大和指出,由於生豬成本高企,集團去年產品價格上漲了6輪後,管理層預計豬肉價格將在整個2020年保持高位,並平均保持在2019年水平以上,又預計包裝肉類的銷售量將在今年保持穩定。
至於新型冠狀病毒的影響,該行認為,雖然疫情最近導致美國的餐飲渠道關閉,但零售渠道的需求卻強勁增長。到目前為止,由於豬肉是日常必需品,集團在美國的生產並未因疫情受到任何干擾。由於與疫情相關的銷售中斷,該行將2020-21年收入預測下調了4-5%,但由於更多的對衝收益和美國業務的高利潤出口業務,將2020-21年的每股盈利預測提高了12-15%。

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