马面粉厂(MFLOUR,3662,主板消费产品服务组)前景可好?
读者小陈问:
好久没有听闻马面粉厂(MFLOUR,3662,主板消费产品服务组)的消息,听说在越南的业务很不错,前景可好?
答:
分析员认为,马面粉厂的越南面粉业务表现稳定,不仅有能力转嫁日益沉重的原料成本,也有望抵销家禽业务亏损等冲击。
大马投行说,该公司多数面粉业务盈利皆来自于越南市场,而非面粉列为统制品的大马,因此可以通过提高售价减轻原料涨价压力。
《彭博社》数据显示,软红冬麦(soft red winter wheat)的平均价格已从2021年第一季的每蒲式耳6.43美元增至9.07美元,涨幅高达41.1%。
大马投行预计,虽然该公司面粉业务2022财政年营运盈利赚幅将由前一年的7.8%缩减到7.3%,但营运盈利仍将提高10.1%至2亿零600万令吉。
不过,该行认为,马面粉厂的家禽业务2022财政年将继续蒙受亏损,因为标准净鸡和活鸡的规定顶价保持每公斤8令吉90仙和6令吉50仙之际,鸡只饲料价格却节节攀高。
根据《彭博社》数据,美国大豆平均售价第一季已按年提高42.8%,至每蒲式耳6.71美元。
该行补充,马面粉厂计划销售更多价格不受管制的家禽产品,而市场需求改善、供应短缺等利多,也有助于改善这项业务的收入。
估值诱人
大马投行保持马面粉厂的“买进”评级,并以2022财政年15倍本益比为准,将目标价设定于1令吉。
该行补充,马面粉厂过去两年的平均交易水平为13倍,基于该公司已整合亏损的家禽业务,未来大部份收益都会来自于面粉业务,因此股价交易水平理应高于前两年。
目前,马面粉厂的股价交易水平为2022财政年盈利的9.6倍,若以2023财政年为准,本益比更会降至6.2倍,该行认为,估值处于诱人水平。
本栏并无作出任何股票交易的建议,一切买卖盈亏自负,在采取投资行动前,请依本身的投资条件与情况,及向你的证券经纪咨询。
https://www.sinchew.com.my/20220712/%E9%A9%AC%E9%9D%A2%E7%B2%89%E5%8E%82%E5%89%8D%E6%99%AF%E5%8F%AF%E5%A5%BD%EF%BC%9F/
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