《大行報告》星展降萬洲(00288.HK)目標價至5.34元 評級「買入」
星展發表研究報告指,由於農曆新年時間較遲,加上消費意欲疲弱,預期萬洲國際(00288.HK)去年第四季銷量可能受壓,但隨後將於今年溫和復甦。雖然今年生豬價格可能上漲,但由於公司擁有一定冷凍庫存,星展預計萬洲今年每噸利潤將得以維持,隨著生豬價格上升,冷凍豬肉今年利潤亦可能會有更大的提升空間,同時中國包裝肉類利潤將保持強勁。
該行指出,美國市場持續改善,去年第四季生豬及豬肉價格處於低位,相信利潤提升趨勢持續。在豬肉業務方面,萬洲已於去年12月起關閉位於猶他州的部分業務,令上游產能於今年可降至1,500萬頭以下,預料豬肉業務分部虧損將在今年大幅收窄。
星展維持萬洲的「買入」評級,目標價由5.49元下調至5.34元,憧憬潛在分拆旗下史密斯菲爾德食品在美國上市,可為美國業務帶來重新評級機會。計及美國豬肉業務的短期利潤率壓力,該行將2023及2024財年盈利預測分別下調6%及18%。(gc/cy) ~
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