花旗:升理文造紙(2314.HK)評級至“買入” 目標價升至7.5港元
花旗發表報告將理文造紙(02314.HK)的目標價由原來的4.3港元調升至7.5港元,主要是由於該行對公司的牛卡紙業務毛利率預期提高,在下游客户的庫存補充及「雙十一」季節的支持下,相信利潤會在下半年回升至平均每噸604元。
因此,該行將公司2019至2021財年的盈利預測上調16%至22%,並將其投資評級由來的“中性”上調至“買入”,看好貿易緊張局勢有所緩解下,行業出現復甦的情況。
至於衞生紙業務佔今年整體盈利11%,預期下半年的利潤為每噸570元,上半年則為每噸577元。這反映出規模擴大所帶來的毛利率優勢能抵銷下半年的競爭加劇。在今年產能達90萬噸的情況下,理文的行業排名已由前五位晉升至前三位。

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