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《大行報告》瑞信上調萬洲(00288.HK)目標價至10.9元 首季業績穩健
阿思達克 04-29 10:24
瑞信發表研報指,萬洲國際(00288.HK)今年首季核心經營利潤按年增長61.3%,銷售亦升18.9%,均超出市場預期。

報告指,業績增長主要是受美國業務驅動。期內生豬生產對沖成功,由2019年首季的虧損1.57億美元,轉錄盈利1,700萬美元,生豬與豬肉的價差令生豬業務經營利潤率提高2.8個百分點。中國區業務方面,包裝肉類銷售額增長9.2%,惟銷量下跌7%;受惠於豬肉價格上漲,令經營利潤率亦提高3.3個百分點至20.2%。

瑞信認為萬洲的前景好壞參半,預期進口增加且成本下降、豬肉價格上漲等利好因素支持下,下半年中國區業務很可能繼續向好,然而疫情令美國業務不確定性增加,同時豬肉價格上漲亦被供應短缺部分抵銷。

該行將2020至2021年盈利預測略微提高2%至3%,預測2020年銷售額及經營溢利將增長10.2%及10.5%,即第二季增長17%及29%,目標價由10.7元上調至10.9元,維持「跑贏大市」評級。

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