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高盛降理文造纸(2314.HK)目标价至4.3港元下调公司2019-2021盈测
格隆汇 08-20 10:36

高盛发表报告指出,因理文造纸((2314.HK)持续逆风,下调公司2019-2021年度盈利预测14-57%,反映对其纸皮箱单位毛利率预测调低。公司进口废纸配额减少,成本优势受压拖累利润,加上需求疲弱,相信难以抵销下游客群成本上升的影响,故该行调低其目标价约39%,由7港元降至4.3港元。

该行表示,就算行业调整已大部份完成,但理文作为庞大纸业公司,仍要面对成本优势递减、利润下降趋势。虽然使用进口废纸,可令大型同业获得成本优势,但在配额收缩下,预计2019年度内地进口量同比下降30-40%,因此大型纸商毛利续受压。或许在1.5-2年后,在海外建立再生纸浆产能,才能抵销上述负面影响。

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