《大行報告》瑞銀下調萬洲(00288.HK)目標價至11元 評級「買入」
瑞銀發表的研究報告指,萬洲國際(00288.HK)去年生物調整前銷售、EBIT及淨利分別為256億美元、17億美元及9.73億美元,分別按年升6%、跌15%及跌29%,淨利分別較該行及市場預期低13%及19%,主要因為美國利潤差過預期,加上減值損失高於預期。去年第四季公司銷售及EBIT分別跌1%及69%,主要因為美國疫情拖累利潤表現,而內地成本較高亦令利潤下降等。
在中國市場方面,集團EBIT去年增長19%,主要受惠包裝肉平均銷售單價提升加上原材料成本下降,期內豬肉EBIT升9%則受惠進口規模增長及庫存成本較低。在美國市場方面,期內EBIT按年跌55%主要受疫情影響,拖累包裝肉需求等。歐洲市場方面EBIT則升23%,主要受惠平均銷售單價提升及上下游規模增長。
管理層估計2021年盈利能力將復甦,其中美國方面包裝肉需求料將自疫情復甦,而疫情相關開支亦顯著回落至1-1.5億美元。中國方面管理層則料盈利將大致穩定。該行將公司2021年每股盈測降8%,目標價由11.4元降至11元,重申「買入」評級。(el/u) ~
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