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《大行報告》瑞信下調萬洲(00288.HK)目標價至8.9元 評級「跑贏大市」
阿思達克 07-21 09:40
瑞信發表研究報告,指萬洲國際(00288.HK)美國業務第二季復甦步伐或較預期慢,因生豬與豬肉價格走勢上升,而中國包裝肉利潤亦低於預期,因此預料萬洲第二季經營溢利按年只有約10%至14%增長,按季則料跌13%至17%。

該行指,美國養殖業務料可於第二季轉盈,因生豬價格上升,屠宰毛利率料受壓,豬肉板塊經營溢利料「打平」。因投入成本上升致包裝肉價格調整,或按季壓抑銷量,抵銷單位利潤改善。該行料美國養殖業務次季經營溢利按季輕微下滑,在低基數下按年則顯着上升。

該行降萬洲2021至2022年盈測分別13%及8%,目標價由9.9元降至8.9元,相當於今年預測市盈率13倍,維持「跑贏大市」評級,並料回購建議將支持股價。

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