《大行報告》瑞銀上調萬洲(00288.HK)目標價至11.4元 評級「買入」
瑞銀發表研報指,萬洲(00288.HK)最差的時刻已過去,未來復甦可期,重申「買入」評級,認為在短期內收入將受到疫情影響減少及原材料價格下跌等因素所推動。
報告引述數據指,今年1月份美國餐廳整體同店銷售跌幅為4.9%,較去年11至12月的下跌12%有所收窄,預期在疫苗陸續廣泛接種下疫情影響有所減少,預期萬洲包裝肉有三成供應予餐廳,相信疫情的影響於今年首季將減退,而鮮肉業務料至次季需求將改善,因此預計美國業務於第二季有明顯復甦。
內地業務方面,該行指出,由於原材料價格下跌,現時豬隻價格較去年平均水平跌約10%,雞隻價格亦較去年下降,加上過去兩年公司一直在提升高端產品滲透率,估計中國業務利潤率擴大。
瑞銀因應美國業務去年第四季的疲弱,下調全年盈利預測約7%,2021至2022年盈利預測則上調約6%至7%,以反映業務復甦,目標價由11元升至11.4元 ,重申「買入」評級。
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