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《大行報告》瑞信升玖紙(02689.HK)目標價至11.8元 紙價上調可提振盈利
阿思達克 02-19 10:05
瑞信發表研究報告,指玖紙(02689.HK)公布自2月19日起將每噸紙價上調100元人民幣(約3%),此次提價將涵蓋所有類型的紙產品。該行相信,價格上漲主要是基於公司強大的定價能力及新型冠狀病毒控制措施所帶來的生產限制。若目前減弱的需求在未來一至兩個月有所改善,相信紙價仍會繼續上升,並會令市場感到意外。 該行相信,原材料緊張的情況會在短期內持續。在與華東及華南數個主要廢紙包裝站了解過後,發現廢紙收集業務幾乎停滯,2月及3月份國內的廢紙供應或會按年減少50%。同時,該行相信今年的進口廢物配額或按年進一步下跌35%,並認為大型廠商將會繼續享有成本優勢,逐步淘汰小型廠商。鑑於國內及進口廢紙供應非常緊張,預計紙張生產將會受到限制,紙價亦會受到支持。 該行將公司2020至2021年的盈利預測分別上調4.5%及5%,至59億及63億元人民幣,以反映銷量增加及對紙價的預期。將公司的目標價由原來的11.5元上調至11.8元,維持「跑贏大市」投資評級。(jc/u)~ 阿思達克財經新聞 網址: www.aastocks.com
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