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《大行報告》摩通降理文造紙(02314.HK)評級至「中性」目標價下調至4.5元
阿思達克 08-19 10:39

摩通就理文造紙(02314.HK)發報告,指包裝紙行業利潤受壓的趨勢相信仍會持續,在現階段產能仍然見快速上升,需求卻因貿易戰而仍然不振,預期公司的每噸利潤會於下半年及明年持續下跌,目標價由10元降至4.5元,評級由「增持」降至「中性」。

該行指,公司的盈利於上半年跌43%,主因利潤率收窄所致,每噸毛利由1,400元降至830元,預期情況會於下半年持續。雖然目前公司純利降至每噸約600元人民幣,但相信多數包裝紙公司仍可賺取雙位數的股本投資回報,故預期下半年仍有500萬噸的產能投產。

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