《大行报告》摩通降理文造纸(02314.HK)评级至「中性」目标价下调至4.5元
摩通就理文造纸(02314.HK)发报告,指包装纸行业利润受压的趋势相信仍会持续,在现阶段产能仍然见快速上升,需求却因贸易战而仍然不振,预期公司的每吨利润会於下半年及明年持续下跌,目标价由10元降至4.5元,评级由「增持」降至「中性」。
该行指,公司的盈利於上半年跌43%,主因利润率收窄所致,每吨毛利由1,400元降至830元,预期情况会於下半年持续。虽然目前公司纯利降至每吨约600元人民币,但相信多数包装纸公司仍可赚取双位数的股本投资回报,故预期下半年仍有500万吨的产能投产。
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