《大行報告》大摩升玖紙(02689.HK)目標價至9.1元 評級「與大市同步」
摩根士丹利發表報告指,由於短期供應短缺,令近期內地廢紙價格持續上升,但由於市場早已消化原材料豁免關稅等利好消息,對玖龍紙業(02689.HK)維持「與大市同步」評級,並以2020財年每股盈利預測約10.3倍計,上調其目標價,由7.5元升至9.1元。報告指,受新型肺炎疫情影響,依賴人力的廢紙回收業恢復得較慢,廢紙供應短缺,大型紙廠如玖紙等運轉率僅約50%,不少小型紙廠更是全面停工,相信在疫情蔓延下,若龍頭企業未有提高價格,將擠壓到其他細規模市場參與者的利潤,最終引致更多小紙廠結業,令行業加速整合。大摩表示,投資耆已了解到取消關稅等好消息,利好因素充分反映,指出雖然玖紙有計劃在去年末增加250萬噸產能後,再於今年首季新增110萬噸新產能,但估計疫情過後市場供給恢復正常,紙價將會受壓。
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