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《大行報告》麥格理下調萬洲(00288.HK)目標價至7.8元 評級「跑贏大市」
麥格理發表研究報告指,萬洲國際(00288.HK)今年首季淨利潤按年跌56%,主要是受到美國生豬生產業務逆風所拖累。然而,該行認為集團業務正趨穩定,因為其一直進行產品組合變化和成本控制以保障利潤。該行重申集團「跑贏大市」評級,惟目標價由8.8元下調至7.8元。 報告引述萬洲旗下雙匯發展(000895.SZ)估計今年其於中國的包裝肉利潤每噸將超過4,000元人民幣。該行認為內地包裝肉業務利潤或按年降逾10%,另由於生豬價格下跌,又預計豬肉業務將有更好的表現,生鮮豬肉業務可以抵銷包裝肉業務的利潤下滑,並預計今年第一季中國業務的營業利潤將按年跌9.6%。由於美國養豬成本上升和生豬價格下跌,該行將集團2023及24財年的淨利潤預測分別下調14.3%和4.1%。
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