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《大行報告》大摩下調中糧肉食(01610.HK)目標價至2.4元 評級「與大市同步」
阿思達克 04-02 09:37
摩根士丹利在研報中表示,儘管中糧肉食(01610.HK)的管理層已下調2020年生豬產量預測,但該行預計隨著生豬價格上漲,生豬生產業務將錄得較高的營業利潤率,抵消今年加工肉類業務的較高成本。

該行將2020年盈利預測提高11%,預計中糧肉食將繼續擴大生豬生產能力,但指出由於非洲豬瘟影響仍然存在,近期的產量仍未能確定;假設生豬價格持續居高不下,利潤下降將2%,將降低2021年加工肉類利潤率。

大摩預計,由於行業今年供應短缺,生豬價格在2020年將增長44%,在2021年供應恢復後將下降16%。以2021年每股盈測約9倍市盈率,目標價由2.6元下調至2.4元,長遠看認為公司提高成本效率、利用率和規模可提升利潤空間,評級「與大市同步」。

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