摩通玖纸(2689.HK)收购关连公司估值不便宜仍维持“增持”评级
摩通发表研究报告指,玖纸(2689.HK)
宣布将会斥6.3亿人民币收购包装业务,包括9间于中港从事包装业务的关连公司。该行认为是次交易估值不便宜,相对于市盈率
高达近30倍,不单较该股今年预测市盈率7倍高,更高于其他上市同业。
报告指,短期而言,该交易对玖纸盈利影响有限;长线而言,玖纸则预料该关连公司将消耗其约100万吨包装纸。该行料玖纸今年下半年盈利将与上半年持平,但按年跌35%。不过仍维持玖纸评级“
增持
”,目标价13港元,因今年预测市盈率7倍仍属吸引水平。
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