大行評級丨建銀國際:萬洲國際分拆史密斯菲爾德利好,升目標至6.5港元
萬洲國際(0288.HK)公佈建議分拆在美國及墨西哥經營的史密斯菲爾德食品有限公司業務,在美國紐約證券交易所或納斯特證券市場獨立上市。建銀國際發表報吿認為,重組有利釋放史密斯菲爾德的內在價值,將萬洲目標價由原先的6港元上調至6.5港元,維持“跑贏大市”評級。報吿指,目前有關分拆的細節及時間表尚未落實,不過相信此次分拆建議已被市場所預期。目前萬洲的估值只基本反映雙匯食品(000895.SZ)的經營,認為此次重組有利釋放史密斯菲爾德的內在價值,有利萬洲估值重估。該行把公司美國業務第二季經營利潤率由6.6%上調至7.6%,以反映生豬飼養產能下降、飼料成本下降等因素;內地業務則因消費需求呆滯而維持受壓。該行把萬洲2024年盈利預測上調8%,以反映美國及歐洲業務第二季經營較預期為好;最新目標價相當於預測市盈率9倍。
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