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《大行報告》瑞銀:萬洲(00288.HK)旗下史密斯菲爾德美國廠房關閉 對供應面影響有限
阿思達克 04-14 10:32
瑞銀發表報告表示,萬洲(00288.HK)旗下史密斯菲爾德食品位於美國南達科他州當地廠房的238個員工確診新型肺炎,被當地政府下令關閉2周,該廠房佔整體美國豬肉產量4%至5%,而佔史密斯菲爾德食品產量約15%至20%。史密斯菲爾德食品管理層多次強調,疫情期間確保糧食供應對公眾的重要性,從而令人相信,長期暫停廠房運作是不可行的。

報告補充,萬洲子公司雙匯鄭州廠房在非洲豬瘟爆發期間,暫停運營六周,並將訂單重新分配到附近的廠房,因此導致對供應的影響非常有限。該行認為,疫情對市場需要的負面影響仍有待觀察,而且有30%史密斯菲爾德食品之包裝肉類出售予零售商的自有品牌,這將進一步幫助減輕潛在的需求影響。此外,史密斯菲爾德工廠的停產,加上內地仍面臨生豬供應短缺的情況,可能會進一步推高美國的屠宰利潤。該行維持其「買入」評級,目標價為9.52元。

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