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《大行報告》大摩:理文造紙(02314.HK)去年純利符預期 但料短期產品均價承壓
阿思達克 03-05 14:24
摩根士丹利發表報告指,理文造紙(02314.HK)去年度純利按年跌33.7%,即下半年純利按年跌約18%,符合市場預期。受收入下跌幅度超越總體生產成本跌幅,2019財年毛利率下降4.5個百分點至19%。大摩表示,隨著廢紙回收業陸續復工,短期廢紙供應緊張狀況已逐漸緩解,雖然近期紙價上漲,但隨著原材料價格逐步回調以及下游需求疲軟,預計對產品短期平均價格構成壓力。 該行又預計,理文今年首季新增約160萬噸產能的計劃仍會帶來威脅。以2006年1月以來的歷史平均水平計、現價相當於今年預測市盈率約10倍,相信估值水平合理,維持「與大市同步」評級。
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