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《大行報告》花旗料萬洲(00288.HK)美國業務存不明朗 料疫情將拖低第二季至三季表現
阿思達克 04-29 11:57
花旗發表報告表示,萬洲國際(00288.HK)今年首季純利按年升80%,高於該行原預期20%,主要來自美國及歐洲營運溢利高於預期(歐洲升5.8倍、美國升1.1倍),在中國內地營運溢利亦按年升21%,但該行關注萬洲國際旗下美國業務面臨不明朗因素。

該行指,萬洲國際旗下美國業務首季生豬生產迎來轉向,季內錄營運溢利1,700萬美元,對比2019年首季錄營運虧損1.57億美元,相信是成功地進行對沖所致,但期內包裝肉業務的營運溢利按年下跌34%,主要是一次性撥備損失所致。

花旗認為,基於新冠疫情的不明朗下,料將影響萬洲國際旗下美國業務於今年第二季至第三季表現,兼且今年下半年會面對較高比較基數,集團2019年第三季及第四季營運溢利按年各升55%及67%,該行維持對萬洲「買入」評級,指估值不高,目標價9.91元。

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