《大行報告》高盛下調萬洲(00288.HK)目標價至9.1元 評級「買入」
高盛發表的研究報告指,萬洲國際(00288.HK)去年淨利遜預期,按年跌29%至9.73億美元(下同)主要因為美國上游利潤較低,加上其他經營開支增加。在投資者會議中公司為美國業務提供了更具建設性的展望,相信需求復甦持續,而公司對內地銷售及盈利前景亦穩健,儘管去年第四季表現遜預期,但估計自今年次季起美國業務將反彈,該行亦料股份有望獲重估。
總體而言,歐美市場方面,該行認為公司今年復甦可見性較高,而盈利反彈主要來自多方面,包括是今年疫情相關開支料減6.5億至7億元,而美國食品服務需求及屠宰量改善,加上美國豬價今年較高。雖然今年首季公司仍面對高基數及生豬生產波動,不過該行認為其出口市場仍然強勁,加上本地需求有改善。在歐洲方面公司規模持續擴張,同時亦受惠需求穩健。
在中國內地市場方面,高盛不認為今年盈利會有大幅波動,料受惠需求改善包裝肉銷量將復甦,而新產品對增長亦有貢獻,不過內地生豬價料難跌至公司原先預期,該行料公司今年包裝肉利潤擴張有限。該行將公司2021至2023年每股盈測降4%,以反映對美國上游盈利預測較低,目標價由9.2港元降至9.1港元,評級「買入」。
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