一文綜合券商於萬洲(00288.HK)公布業績後最新評級、目標價及觀點
萬洲國際(00288.HK)今早(31日)股價急挫，盤中曾低見6.33元一度下挫12.3%，最新報6.4元急吐11.4%。大和指萬洲去年第四季純利按年大降85%，相信主要受到美國業務營運毛利率的壓力、一次性支出所影響，決定下調對其今明兩年純利預測各17.6%及1.3%。花旗亦指萬洲去年純利低於市場預期20%，主要是受美國業務虧損較預商為高等因素影響，料伐年首季營運續存挑戰
萬洲昨(30日)收市後公布截至去年業績，生物公允價值調整前的業績營業額255.89億美元按年升6.2%。純利9.73億美元按年跌29.4%；每股盈利6.6美仙，派每股末期息12.5港仙。
萬洲去年按生物公允價值調整後計算收入255.89億美元、純利8.28億美元按年跌43.48%，每股盈利5.62美仙。公司去年生物公允價值調整前、息稅折舊及攤銷前利潤率為8.9%，按年下跌2.2個百分點、經營利潤率6.8%，按年跌1.6個百分點。
【業績遜預期 美業務拖累】
瑞銀發表報告表示，萬洲國際去年淨利潤較該行及市場預期低13%及19%，主要因為美國業務利潤差過預期，加上減值損失高於預期。萬洲去年第四季銷售及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。
瑞銀引述萬洲國際管理層估計2021年盈利能力將復甦，其中美國業務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1億美元至1.5億美元。中國業務方面，萬洲管理層則料盈利將大致穩定。該行將萬洲2021年每股盈測降8%，目標價由11.4港元降至11港元，重申「買入」評級。
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本網最新綜合7間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
瑞銀│買入│11.4->11元
摩根士丹利│增持│10元
花旗│買入│9.91元
瑞信│跑嬴大市│10.5->9.9元
摩根大通│增持│10.6->9.5元
高盛│買入│9.1元
大和│買入│8.6->8.1元
券商│觀點
瑞銀│估計今年盈利能力見復甦，惟將今年每股盈測降8%
摩根士丹利│新鮮豬肉銷量增長良好，包裝肉類混合物升級推動收入增長
花旗│美國生豬產量下降幅度超預期，中國包裝肉類企業運營速度減慢
瑞信│去年四季度美國業務上游虧損超預期，料今年二季度美國業務利潤強勁反彈
摩根大通│營運最壞情況過去，料今年中美業務復蘇兼估值具吸引力
高盛│去年銷量及毛利增長收窄，料今年營銷恢復穩定
大和│上游業務大失預算，關注今年成本節省及產品營銷發展情況
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