大和:上調理文造紙(2314.HK)目標價至6港元 評級“持有”
大和發佈報告稱,下調理文造紙(2314.HK)投資評級,由“跑贏大市”降至“持有”,但現為更好的入市位,因為該行表示公司去年業績符合預期,但預期紙箱售價可能回落,目標價獲提高9%,由5.5港元升至6港元。
該行稱,公司紙箱業務於去年下半年每噸純利約450港元,按半年計跌24%,同業玖龍紙業(2689.HK)則每噸純利按半年計上升19%。該行預期理文造紙今年全年紙箱每噸純利更可回升至523港元,馬來西亞新造紙廠投產,業可穩定成本,相信公司提價週期已屆完結,一旦紙價回落,股價也會回升。
廁紙業務方面,管理層稱廁紙需求於2月份短期勁升,因此,銷價已出現改善。

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