一文综合券商於万洲(00288.HK)公布业绩後最新评级、目标价及观点
万洲国际(00288.HK)今早(31日)股价急挫，盘中曾低见6.33元一度下挫12.3%，最新报6.4元急吐11.4%。大和指万洲去年第四季纯利按年大降85%，相信主要受到美国业务营运毛利率的压力、一次性支出所影响，决定下调对其今明两年纯利预测各17.6%及1.3%。花旗亦指万洲去年纯利低於市场预期20%，主要是受美国业务亏损较预商为高等因素影响，料伐年首季营运续存挑战
万洲昨(30日)收市後公布截至去年业绩，生物公允价值调整前的业绩营业额255.89亿美元按年升6.2%。纯利9.73亿美元按年跌29.4%；每股盈利6.6美仙，派每股末期息12.5港仙。
万洲去年按生物公允价值调整後计算收入255.89亿美元、纯利8.28亿美元按年跌43.48%，每股盈利5.62美仙。公司去年生物公允价值调整前、息税折旧及摊销前利润率为8.9%，按年下跌2.2个百分点、经营利润率6.8%，按年跌1.6个百分点。
【业绩逊预期 美业务拖累】
瑞银发表报告表示，万洲国际去年净利润较该行及市场预期低13%及19%，主要因为美国业务利润差过预期，加上减值损失高於预期。万洲去年第四季销售及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。
瑞银引述万洲国际管理层估计2021年盈利能力将复苏，其中美国业务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1亿美元至1.5亿美元。中国业务方面，万洲管理层则料盈利将大致稳定。该行将万洲2021年每股盈测降8%，目标价由11.4港元降至11港元，重申「买入」评级。
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本网最新综合7间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
瑞银│买入│11.4->11元
摩根士丹利│增持│10元
花旗│买入│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│买入│9.1元
大和│买入│8.6->8.1元
券商│观点
瑞银│估计今年盈利能力见复苏，惟将今年每股盈测降8%
摩根士丹利│新鲜猪肉销量增长良好，包装肉类混合物升级推动收入增长
花旗│美国生猪产量下降幅度超预期，中国包装肉类企业运营速度减慢
瑞信│去年四季度美国业务上游亏损超预期，料今年二季度美国业务利润强劲反弹
摩根大通│营运最坏情况过去，料今年中美业务复苏兼估值具吸引力
高盛│去年销量及毛利增长收窄，料今年营销恢复稳定
大和│上游业务大失预算，关注今年成本节省及产品营销发展情况
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