Market Brief

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王富榮先生 (Chris Wong)
助理經理

現任職輝立助理經理,對投資大中小型股票均經驗豐富,亦擅於以窩輪、牛熊證操作。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得
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中國糧油控股(00606.HK)

Wednesday, October 7, 2015 Views4504

中糧控股(00606.HK) 是中糧集團成員企業,作為中國領先的綜合農產品及食品加工企業,從事油籽、生化及生物燃料、大米、小麥及啤酒原料的加工及銷售業務,為客戶提供安全、營養、健康的優質產品。品種豐富,結構齊全,主要包括植物油、燃料乙醇、澱粉、甜味劑、大米、麵粉、麵條和麵包、啤酒麥芽及動物飼料等,大部分產品通過遍及中國的銷售網絡在國內巿場出售,並主要以「福掌柜」、「四海」、「喜盈盈」和「谷花」品牌銷售。

中糧控股(00606.HK) 過去幾年股價持續回落,主要是核心的油籽加工業務持續受壓,油脂產品倒掛壓力未現緩解,令行業利潤受壓甚至虧損。業績轉盈為虧主要是原料成本與產品價格倒掛,加之人民幣匯率貶值的壓力,令大豆加工行業面臨普遍虧損。

2015 年 8 月份公佈截至 6 月底止中期業績,虧損收窄至 2.69 億元,上年同期為蝕
2.9 億;每股虧損 5.13 仙;不派中期息。期內,收入 392.08 億元,按年跌 12.8%,當中,油籽加工業務收入減少 28.8% 至 190.64 億元;毛利 22.56 億元,按年升 34.26%。整體毛利率較去年同期升 2.1% 至 5.8%。

縱然業績表現長期未如理想,但其亮點在於其母公司中糧集團將受惠於國企改革。


國資委去年公布央企試點改革方案,中糧集團為 6 家改革試點央企。據報中糧集團考慮多種重組方案,包括通過海外併購和引入投資者重組業務,同時考慮將旗下部分非核心業務分拆整合,甚至是出售。目前計劃分拆其旗下子公司的糧油糖類業務,將業務注入一家平台公司,最終目標實現業務於 2019 年之前在一個平台公司整體上市。
 

中糧集團未來會將業務單元重組為四個支柱單元,第一是食品飲料、第二是糧油、第二是地產、第四是金融,或引發對潛在重組的預期,中糧控股(00606.HK) 未來有可能成為中糧集團的糧油業務平台,現時母企中糧集團持股量達 58%,股權集中或有利向集團注資及作進一步整合。
 

結論 :

在母公司改革藍圖下,中糧控股(00606.HK) 相信會成為港股市場中持續的影子炒作概念股,目前在市況影響下其股價已直逼金融海嘯底位,長線投資者可伺機分段吸納,待大市回升時收成。
 

 本人王富榮為證監會持牌人士。截至本評論文章發表日止,本人及/⁠或其有聯繫者並無持有全部提及之證券的所有相關財務權益。
 

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