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《大行報告》美銀證券下調萬洲(00288.HK)目標價至7.6元 評級「買入」
阿思達克 10-27 10:22
美銀證券發表報告,指萬洲(00288.HK)第三季度收入和稅後淨利分別上升7%及下跌28%,表現低於市場預期,因受中國的豬肉庫存減值影響。該行將其2021年每股收益預測下調11%,2022年則爲上調3%,以反映盈利下跌預期和最近股份回購,目標價由8.9元下調至7.6元。 報告預計,中國生豬價格在9月底跌至每公斤11元的低位,並已經反映在3季度的減值中,目前價格已經恢復到每公斤15至16元,預計未來減值的阻力有限。 美銀證券指,今年以來萬洲股價表現跑輸恆指15%,現價僅相當於2022年預測市盈率6倍,處於歷史低位。在過去兩個季度盈利表現疲弱後,料第三季爲谷底,相信盈利將於第四季和明年恢復,重申其「買入」評級。
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