大行評級|大摩:恢復覆蓋萬洲並予“增持”評級 改善利潤率將是今年重點
大摩發表報吿指,萬洲國際在策略上正轉向推動各分部業務提高盈利能力,以減輕其主要市場商品週期的波動,改善利潤率將是今年的重點。該行恢復覆蓋萬洲,評級“增持”,目標價7.5港元。報吿指,萬洲透過精簡美國生豬產能,邁向更健康的上游業務,而包裝肉的重點將是進一步改善美國業務的定價和成本控制。在通脹下需求受壓,但在物流成本控制及較高的平均售價下,包裝肉類的盈利能力於去年第四季仍可按年改善。在需求相對穩定的情況下,料公司將繼續致力於定價和成本控制,目標是在今年實現該分部業務的穩定增長。
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