《大行报告》大摩:理文造纸(02314.HK)去年纯利符预期 但料短期产品均价承压
摩根士丹利发表报告指,理文造纸(02314.HK)去年度纯利按年跌33.7%,即下半年纯利按年跌约18%,符合市场预期。受收入下跌幅度超越总体生产成本跌幅,2019财年毛利率下降4.5个百分点至19%。大摩表示,随着废纸回收业陆续复工,短期废纸供应紧张状况已逐渐缓解,虽然近期纸价上涨,但随着原材料价格逐步回调以及下游需求疲软,预计对产品短期平均价格构成压力。 该行又预计,理文今年首季新增约160万吨产能的计划仍会带来威胁。以2006年1月以来的历史平均水平计、现价相当於今年预测市盈率约10倍,相信估值水平合理,维持「与大市同步」评级。
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