摩通:降玖纸(2689.HK)评级至“中性” 目标价降至7港元
摩根大通发表报告指,玖龙纸业(2689.HK)
截止今年6月底止财年的核心纯利按年下跌49%,符合早前的盈警指引。而销量虽然增加8.5%,但每吨纯利由上财年的604元人民币,大幅下跌53%至286元人民币。
该行下调对玖纸的股份评级,由“
增持
”降至
“中性”
,目标价亦由13港元下调至7港元。另外,由于每吨纯利假设降低,该行又下调集团2020及2021财年盈利预测分别38%及31%。
摩通相信,包装纸行业毛利收缩的趋势并未完结,由于贸易紧张局势,需求可能仍然低迷,预计玖纸的每吨纯利在今年下半年及明年会继续下降。
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