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《大行報告》摩通下調萬洲(00288.HK)目標價至7.4元 評級「增持」
摩根大通發表研究報告,指撇除4.14億美元出售資產單次性收益後,萬洲國際(00288.HK)去年銷售、經營溢利及核心純利按年分別升3%、6%及12%,與市場預期一致。撇除外匯影響,中國市場經營溢利按年升16%,美國市場經營溢利按年升2%。 展望今年,萬洲預期中國生豬成本略升,中國包裝肉銷量有望有中單位數升幅,該行則預期升3.5%;該行料萬洲今年銷售及經調整純利按年分別升2%及4%,中國及美國市場分別貢獻38%及53%的銷售,以及分別49%及44%的純利。 報告補充,現時萬洲估值相當於預測今年市盈率5倍,或預測市賬率0.7倍,現價計股息率達7%,估值低於國際及內地同業如Hormel(HRL.US)、雙匯(000895.SZ)及泰森食品(TSN.US)。報告認為公司被過度拋售,估值吸引,評級「增持」,目標價由8.2元降至7.4元。
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