大和:下調萬洲(0288.HK)盈利預測 降目標價至8.6港元
大和總研發表研究報告指,萬洲國際(0288.HK)中期生物公允價值調整前純利按年升19%,第二季則按年跌26%,其美國業務產生了與控制疫情措施有關的一次性支出約3.5億美元。該行將其目標價由9.2港元下調至8.6港元,維持買入評級。
大和引述管理層強調,由於工廠以更高的使用率重新營運,因此第三季度的一次性費用將按季減少。另外,如果生豬成本下降,下半年的經營利潤率還有長期增長空間,節省下來的一部分成本將用於建立品牌。該行預計,集團下半年的營業利潤率按年下跌,主要由於去年的高基數和包裝肉類銷售緩慢復甦。
該行又將其2020-22年收入預測上調4-5%,但將2020-22年的每股盈利預測下調5-22%,主要由於有關新冠肺炎的支出增加。

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