大行評級 | 富瑞:下調萬洲(0288.HK)目標價至7.14港元 評級“買入”
格隆匯2月17日丨富瑞發報吿指,預計萬洲國際(0288.HK)去年第四季淨利潤按年升34%至14.3億美元,銷售額增1%,當中包括4億美元的額外收益。來自中國和美國的肉製品市場仍然是集團盈利的主要驅動力。該行下調萬洲2022財年的淨利潤預測9%,並將2023及24年的淨利潤預測均下調14%,將對其目標價由7.9港元降至7.14港元,維持“買入”評級。
該行提到,展望今年包裝肉方面,預計中國的MSD銷量增長約4%,每噸利潤約4,000元人民幣。美國LSD每噸利潤約為600美元。豬肉業務方面,該行預計中國豬肉價格波動較大。因此,雖然成交量穩健,但料EBITM將低於去年,因為與去年相比,冷凍肉儲備較少。另外,美國的屠宰量將略有下降,期望原材料價格壓力可得到減輕及CPI上漲緩和,將有助於上游業務的盈利能力。

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