《大行报告》摩通下调万洲(00288.HK)目标价至9.5元 评级「增持」
摩通发表的研究报告指,万洲国际(00288.HK)去年生物调整前销售及盈利分别升6.2%及跌29.4%,较市场预期差20%,反映第四季销售及盈利分别跌1.3%及85%,主要由於美国上游业务在疫情下拨备较高,而中国下游业务经营溢利则按季跌约20%。该行估计公司可受惠於美国经济复苏及中国猪肉成本通胀压力减轻,现时料2021年公司销售及盈利将分别增4.3%及27.4%,目标价由10.6元降至9.5元,评级「增持」。
展望2021年公司估计内地包装肉规模及收入将录中单位数增长,今年包装肉每单位经营溢利与去年首三季类似,而今年猪肉每单位经营溢利料按年下跌,但经营利润率则料维持稳定。在美国方面,公司料疫情相关开支将减少6-7亿美元,而包装肉将於第二至第三季恢复盈利。
该行估计公司去年由美国向中国出口约60万吨猪肉,而2019年出口量则为20-30万吨,万洲估计中美猪肉贸易盈利今年将有强劲增长,主要受惠两地价差及产品供应增加等。(el/u) ~
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