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匯證:下調玖紙(2689.HK)、理文(2314.HK)目標價 維持“買入”評級
格隆匯 06-04 16:32

匯豐證券發表報告指,將玖龍紙業(2689.HK)目標價下調8%,由原來的10港元降至9.2港元,又將理文造紙(2314.HK)目標價由6.1港元,下調8.2%至5.6港元,維持兩間公司評級為“買入”,以反映出口需求壓力導致美元利潤率差過預期

匯證表示,東莞政府上月中公佈,計劃於9月底前將市內的工業發電廠從煤炭轉為天然氣,以減少污染。政府在過去兩年都曾宣佈過類似計劃,但由於經濟問題及可行性而推遲。該行認為,有關轉變短期內都不會發生,主要由於煤改氣將令成本每噸增加350元人民幣,在經濟上並不可行,加上造紙是當地的主要税收來源。計劃僅限於東莞將使鄰近地區的企業產能競爭力提高,從而令東莞税收減少。

該行指,新型冠狀病毒肺炎疫情的影響持續,領先廠商的銷售量按月有增長,但行業美元利潤率的增長仍無起色,認為是由於與出口相關的商品需求下降,相信相關壓力短期內仍然持續,但進一步的下行風險有限。

該行又將玖紙今年的盈利預測下調5%,而明年及2022年的收入預測就下調4%,同時亦下調理文造紙今年盈利預測8%,而2021年及2022年的預測亦下調7%。

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