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《大行報告》大和上調萬洲(00288.HK)目標價上調至8.2元 評級「買入」
阿思達克 08-13 14:08
大和發表研究報告指萬洲國際(00288.HK)上半年表現符預期,純利按年跌2%,相等於第二季按年錄25%升幅。第二季增長主要由美國包裝肉類銷量和均價帶動,以及處理新冠肺炎相關的開支下降,但部份被新鮮豬肉經營溢利率轉弱所抵銷。公司確保了20億美元貸款支持其6月初宣布的股份回購計劃,中期息持平在0.05美元,重申「買入」評級,目標價由8.1元升至8.2元。 該行引述管理層表示,美國食品業務收入已回復至2019年水平的80%,包裝肉在第二季收入按年增長26%;經營利潤率按年擴張2.8個百分點。不過,疫情引致勞工短缺問題持續至下半年,且亦看到豬價亦有上升,並對毛利構成不明朗,不過因均價上升,料第三季毛利率可有改善。 該行表示,中國業務方面,上半年雙匯(000895.SH)純利按年跌17%,主因包裝肉銷量和產品組合變動致需要更多推廣,致毛利率減少1個百分點。管理層下調內地業務全年銷售增長預期至低單位數以反映競爭加劇。 該行指,預料下半年美國營業利潤率的強勁轉向將是關鍵催化劑。
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