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瑞信:紙張供求關係短期內難有顯著改善 但長遠仍看好紙業股
格隆匯 06-05 12:57

瑞信發表研究報告表示,玖龍紙業(2689.HK)及理文造紙(2314.HK)股價近日上升6%及5%,相信短期需求反彈,部分與年中的網上購物節有關。該行表示,受公共衞生事件影響,出口需求仍表現疲弱。

該行表示,目前未看到任何量產小的企業退出市場,小型企業在3月及4月已得到銀行貸款支持。由於紙張需求有限,該行認為,紙張價格及企業的毛利率會在較低的水平波動。

目前的供求關係不太可能恢復至去年下半年的情況,即由於強勁的需求及產能關閉,價格大幅上升。該行預計,目前的需求短期內不會顯著改善。不過,長遠而言,該行對造紙行業保持樂觀,並維持兩股“跑贏大市”評級,玖龍紙業目標價10港元,理文造紙目標價7港元。可申請往返中國的國際航線。

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