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《大行報告》匯豐研究下調萬洲(00288.HK)目標價至5.9元 評級「持有」
阿思達克 01-12 10:18
匯豐環球研究發表研究報告指,由於美國Omicron疫情變化,萬洲國際(00288.HK)海外業務盈利能力不確定性增加,而國內業務則預期在雙匯及牧原食品的戰略聯盟推動下蓬勃發展。 該行指,國內市場生豬補貨高於預期,導致生豬價格低迷,預計令中國出口量及萬洲海外業務盈利能力有所下降,因此將萬洲2022年美國業務的每噸盈利預測下調6%,2023年下調7%,預計疫情下防疫成本將保持高水平。 雙匯及牧原食品近日宣布達成戰略聯盟,匯豐研究預期,聯盟可確保生豬供應,提高屠宰能力利用率,並降低分銷成本,有助於減輕生豬週期對雙匯發展的影響,將雙匯2022至2023年淨利潤預測分別上調2.7%及4.9%。 但考慮到疫情對海外業務的影響,匯豐研究將萬洲2022年淨利潤預測下調3%,2023年下調5%,並將公司淨利潤預測下調9%,維持「持有」評級,下調目標價由6.1元降至5.9元。
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