《大行报告》大摩:万洲(00288.HK)首季美国业务胜预期 维持「增持」评级
摩根士丹利发表研究报告指,万洲(00288.HK)首季业绩表现大致符合预期,当中美国下游业务胜预期,内地上游业务则略逊预期。集团生物公允价值调整前纯利按年跌17%,经营利润下跌近9%。
该行指出,生猪及包装肉类生产逐步正常化,料带动美国业务复苏,受生猪价格上升所影响,预期第二至第三季生猪利润将回复到正常水平,但新鲜猪肉料出现一定成本压力,预期今个夏季生猪价格持续高企,令生猪和猪肉价差收窄。
大摩认为,年初至今市场迅速复苏,万洲对包装肉制品业务盈利能力仍然充满信心,估计进入生猪淡季的第四季度时,生猪价格回落,将进一步扩大包装肉类产品的利润空间。中国业务方面,公司预期包装肉类单价保持平稳,销量料录得单位数升幅。
大摩维持对万洲的「增持」评级,预期美国下游业务复苏强劲,予目标价10元。
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