大行評級|建銀國際:上調萬洲國際目標價至6.5港元 分拆Smithfield上市釋放內在價值
建銀國際指,萬洲國際提出分拆Smithfield在美國上市,相信有關公佈已為市場預期。該行認為萬洲估值基本反映雙匯營運,重組將釋放Smithfield內在價值,或導致萬洲價值重估。該行指萬洲去年業績被美國上游業務拖累,目前Smithfield已減少上游豬隻飼養量以精簡營運,相信明年為分拆上市的成熟時機。該行維持對萬洲“跑贏大市”評級,目標價由6港元上調至6.5港元。對於第二季,該行上調對萬洲美國業務經營溢利率預測1個百分點至7.6%,反映豬隻飼養減少、有利飼料成本及勝預期的豬隻與豬肉價差。歐洲方面,預期價格管理、有利成本環境及經營效率改善將繼續支持經營溢利率。中國方面,疲弱消費需求或對業績構成壓力,料包裝肉及豬肉部分銷量錄高單位數及低雙位數下跌,受市場競爭及高庫存影響。中國業務經營溢利率預測下調1.2個百分點至10%,公司整體經營溢利率料按年升4個百分點至8.3%。
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