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《大行报告》瑞银下调万洲(00288.HK)目标价至11元 评级「买入」
阿思达克 03-31 09:55
瑞银发表的研究报告指,万洲国际(00288.HK)去年生物调整前销售、EBIT及净利分别为256亿美元、17亿美元及9.73亿美元,分别按年升6%、跌15%及跌29%,净利分别较该行及市场预期低13%及19%,主要因为美国利润差过预期,加上减值损失高於预期。去年第四季公司销售及EBIT分别跌1%及69%,主要因为美国疫情拖累利润表现,而内地成本较高亦令利润下降等。

在中国市场方面,集团EBIT去年增长19%,主要受惠包装肉平均销售单价提升加上原材料成本下降,期内猪肉EBIT升9%则受惠进口规模增长及库存成本较低。在美国市场方面,期内EBIT按年跌55%主要受疫情影响,拖累包装肉需求等。欧洲市场方面EBIT则升23%,主要受惠平均销售单价提升及上下游规模增长。

管理层估计2021年盈利能力将复苏,其中美国方面包装肉需求料将自疫情复苏,而疫情相关开支亦显着回落至1-1.5亿美元。中国方面管理层则料盈利将大致稳定。该行将公司2021年每股盈测降8%,目标价由11.4元降至11元,重申「买入」评级。(el/u) ~

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