瑞信:維持玖紙(2689.HK)“跑贏大市”評級 目標價11.8港元
瑞信發表研究報告稱,玖龍紙業(2689.HK)2020上半財年盈利表現勝市場預期,期內純利23億元人民幣, 同比增0.5%,主要是由於銷量增加及原材料成本下降帶動利潤率提高。集團宣佈派中期息每股0.1元人民幣,即派息比率為21%。
集團的銷量為850萬噸,同比增長13.3%,銷量創歷史新高。淨負債比率進一步下降8.8個百分點至51.5%,而現金流保持健康,自由現金流為增3.67倍至40億元人民幣。
該行預計,內地廢紙供應緊張的情況短期內難以舒緩,今年進口配額預計將同比進一步下跌35%,相信通過搶佔大部分進口配額,集團將繼續享有成本優勢。集團的定價能力強、具成本優勢、有新增產能,以及市場預期較低,且該股現價相當於2020年預測市帳率0.9倍,市盈率6.2倍。該行表示維持對其“跑贏大市”評級,目標價11.8港元。

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