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《大行報告》瑞信下調萬洲(00288.HK)目標價至9.9元 評級「跑贏大市」
阿思達克 04-01 10:08
瑞信發表報告表示,萬洲國際(00288.HK)去年收入升6%,經營溢利則跌15%,分別為255.89億美元及17.29億美元,單計公司去年第四季經營溢利按年跌66%至2.53億美元,差於預期,主要因為美國豬肉業務受豬價弱勢影響令虧損大過預期,另外受疫情相關開支增加、以及屠宰產能利用率亦較低。

該行估計萬洲旗下美國業務今年第二季將強勁復蘇,認為萬洲旗下美國業務復蘇可好於預期,在包裝肉方面管理層指出食物服務渠道今年以來復甦快於預期,而零售渠道強勢持續,豬肉出口需求尤其是中國料今年維持強勁,此外公司目標今年疫情相關開支將按年減約6.5億元。

在內地方面,瑞信估計萬洲旗下的包裝肉業務的盈利仍然受壓,主要因為豬價上升及非洲豬瘟重現,公司料包裝肉單位盈利將正常化,今年銷量及收入將增中單位數至高單位數。

該行將萬洲國際2021年及2022年純利預測各下調9%及8%,以反映美國市場盈利的影響,將其目標價由10.5元降至9.9元,此相當預測今年市盈率12倍,維持「跑贏大市」評級,認為其估值吸引。(el/w) ~

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