《大行报告》瑞银上调万洲(00288.HK)目标价至11.4元 评级「买入」
瑞银发表研报指,万洲(00288.HK)最差的时刻已过去,未来复苏可期,重申「买入」评级,认为在短期内收入将受到疫情影响减少及原材料价格下跌等因素所推动。
报告引述数据指,今年1月份美国餐厅整体同店销售跌幅为4.9%,较去年11至12月的下跌12%有所收窄,预期在疫苗陆续广泛接种下疫情影响有所减少,预期万洲包装肉有三成供应予餐厅,相信疫情的影响於今年首季将减退,而鲜肉业务料至次季需求将改善,因此预计美国业务於第二季有明显复苏。
内地业务方面,该行指出,由於原材料价格下跌,现时猪只价格较去年平均水平跌约10%,鸡只价格亦较去年下降,加上过去两年公司一直在提升高端产品渗透率,估计中国业务利润率扩大。
瑞银因应美国业务去年第四季的疲弱,下调全年盈利预测约7%,2021至2022年盈利预测则上调约6%至7%,以反映业务复苏,目标价由11元升至11.4元 ,重申「买入」评级。
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