《大行報告》大和下調萬洲(00288.HK)目標價至7元 評級「買入」
大和發表研究報告指,萬洲(00288.HK)發布首三季業績,生物公允價值調整前純利按年倒退近12%,其中第三季跌幅達28%,主要來自撥備影響及銷量下降。
管理層預計第四季中國肉製品銷售將恢復按年增長,下半年豬肉價格將自上半年的低位回升,同時預期美國上游業務低基數及季節性因素將帶動經營溢利率(OPM)按年反彈。
該行表示,萬洲將縮減冷凍豬肉及豬肉交易量,以降低其OPM波動性,考慮到第三季中國業務表現不佳,將全年每股盈利預測下調6%,但由於回購因素,將2022至2023年每股盈利預測上調3%至4%,部分被產品均價及OPM預期下降所抵銷,維持「買入」評級,目標價由8.2元降至7元。
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