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《大行報告》摩通下調萬洲(00288.HK)目標價至9.5元 評級「增持」
阿思達克 03-31 10:03
摩通發表的研究報告指,萬洲國際(00288.HK)去年生物調整前銷售及盈利分別升6.2%及跌29.4%,較市場預期差20%,反映第四季銷售及盈利分別跌1.3%及85%,主要由於美國上游業務在疫情下撥備較高,而中國下游業務經營溢利則按季跌約20%。該行估計公司可受惠於美國經濟復甦及中國豬肉成本通脹壓力減輕,現時料2021年公司銷售及盈利將分別增4.3%及27.4%,目標價由10.6元降至9.5元,評級「增持」。

展望2021年公司估計內地包裝肉規模及收入將錄中單位數增長,今年包裝肉每單位經營溢利與去年首三季類似,而今年豬肉每單位經營溢利料按年下跌,但經營利潤率則料維持穩定。在美國方面,公司料疫情相關開支將減少6-7億美元,而包裝肉將於第二至第三季恢復盈利。

該行估計公司去年由美國向中國出口約60萬噸豬肉,而2019年出口量則為20-30萬噸,萬洲估計中美豬肉貿易盈利今年將有強勁增長,主要受惠兩地價差及產品供應增加等。(el/u) ~

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