You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》高盛下调万洲(00288.HK)目标价至9.1元 评级「买入」
阿思达克 03-31 15:41
高盛发表的研究报告指,万洲国际(00288.HK)去年净利逊预期,按年跌29%至9.73亿美元(下同)主要因为美国上游利润较低,加上其他经营开支增加。在投资者会议中公司为美国业务提供了更具建设性的展望,相信需求复苏持续,而公司对内地销售及盈利前景亦稳健,尽管去年第四季表现逊预期,但估计自今年次季起美国业务将反弹,该行亦料股份有望获重估。

总体而言,欧美市场方面,该行认为公司今年复苏可见性较高,而盈利反弹主要来自多方面,包括是今年疫情相关开支料减6.5亿至7亿元,而美国食品服务需求及屠宰量改善,加上美国猪价今年较高。虽然今年首季公司仍面对高基数及生猪生产波动,不过该行认为其出口市场仍然强劲,加上本地需求有改善。在欧洲方面公司规模持续扩张,同时亦受惠需求稳健。

在中国内地市场方面,高盛不认为今年盈利会有大幅波动,料受惠需求改善包装肉销量将复苏,而新产品对增长亦有贡献,不过内地生猪价料难跌至公司原先预期,该行料公司今年包装肉利润扩张有限。该行将公司2021至2023年每股盈测降4%,以反映对美国上游盈利预测较低,目标价由9.2港元降至9.1港元,评级「买入」。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account