大和:下調萬洲國際(0288.HK)目標價至7港元 維持“買入”評級
大和發研報指,萬洲國際(0288.HK)截至2021年9約30日止九個月按生物公允價值調整前純利按年下跌近12%,而由於供應量和銷售量回落,單計第三季純利按年跌28%;又認為集團在中國及美國市場的營運利潤率(OPM)將於第四季回升。該行雖然維持其“買入”評級,但12個月目標價由8.2港元下調14.6%至7港元。
報吿指出,很多餐飲客户恢復到2019年逾90%的銷售水平,帶動萬洲的包裝肉類平均銷售價格按年升20%,支持相關收入按年大增31%。儘管第四季通常是行業上游的淡季,但鑑於2020年第四季包裝肉類業務的低盈利基數,以及與疫情相關的成本減少,預料今年第四季的營運利潤率或錄按年增長。該行預期,中國和美國的營運利潤率在第四季強勁反彈將成萬洲股價的關鍵催化。

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