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《大行報告》瑞銀微降萬洲(00288.HK)目標價至6.4元 上季內地銷量料急跌
阿思達克 01-25 09:47
瑞銀發表研究報告指,中國消費市場疲軟,食物企業面對較大挑戰,預測萬洲國際(00288.HK)去年第四季利潤率將有所回升,但銷量仍將大幅下滑,目標價由6.5元輕微下降至6.4元,評級「買入」。 其中,中國包裝肉類業務經營利潤及銷量預期將錄得雙位數的按年跌幅下降,而生鮮豬肉業務經營利潤料持平,整體中國業務經營利潤料將按年下跌中至高單位數百分比。美國市場方面,瑞銀預測去年第四季萬洲的美國生豬養殖業虧損可收窄,包裝肉類業務經營利潤及銷量料錄中至高單位數跌幅,每噸利潤預測達到730美元;另外生豬業務經營虧損預期達到約8,000萬美元,年內或計提1.5億至2億美元的減值損失。 計及經營前景充滿挑戰,瑞銀將萬洲2023財年盈利預測下調38%,至5.87億美元,即按年跌58%,2024財年盈測亦下調10%至11億美元,料按年回升87%。市況及經營前景不穩,瑞銀預料管理層會傾向提供相對穩定的股東回報,因此將2023年派息比率預測從40%提高到60%,今年度則維持為40%。
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