《大行報告》法巴下調萬洲(00288.HK)合理值至6.9元 仍受美國業務拖累
法巴發表報告指,受美國業務拖累,萬洲(00288.HK)第三季業績表現差過預期。將該股合理值預測從7.4元下調至6.9元。
該行表示,管理層重申有意減少其在美國的低利潤和虧損生豬生產風險,但沒有具體更新該業務的進展或採取的行動。該行認為,鑑於不利的經營環境,公司剝離上游資產需要時間。隨著美國和中國疫情爆發後生產瓶頸正常化,生豬價格一直在下跌。由於投資者關注疲軟的獲利前景,萬洲國際近期股價可能會面臨阻力。
該行將集團今年收入和淨利潤預期分別下調2%和10%,因為預計新鮮豬肉業務盈利能力只會有溫和的改善。隨著低成本原材料供應減少,包裝肉利潤率將繼續受壓。同時下調明年淨利潤預期,因為預計豬肉業務重組的相關成本將拖累明年的利潤。
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