《大行報告》花旗下調理文造紙(02314.HK)目標價至7.5元評級「買入」
花旗發表報告,下調理文造紙(02314.HK)於2019至2021年間盈利預測介乎13%至21%,主要反映毛利率低於預期,內地宏觀經濟疲弱,及中美貿易戰下,中國對美國進口廢舊箱板紙(OCC)加徵關稅影響。該行預計,今年理文造紙銷售量將倒退10%至250萬噸,每噸毛利倒退40%至600元。
該行相應下調目標價,自9.2元降至7.5元,惟相信目前估值已反映大部份不利因素,評級維持「買入」。該行並指,今年首選不會是紙品行業,因其較依賴內地宏觀經濟走勢。另外,理文造紙早前公布系內關連交易,報告指出,相信交易有助理文造紙購入具質素回收紙漿,亦能以較低價買入相關原材料。
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