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麥格理:重申理文造紙(2314.HK)“跑贏大市”評級 目標價7港元
格隆匯 09-15 16:48

麥格理髮表研究報告指出,理文造紙(2314.HK)再造紙漿產能提升令人驚喜,對推動公司單位盈利有莫大幫助,重申理文造紙“跑贏大市”評級,12個月目標價為7港元。

麥格理報告指出,理文造紙股價表現大幅落後於玖龍紙業(2689.HK),相信以理文造紙現時預測市盈率較玖紙折讓約43%計算,理文當可急起直追。

雖然正值淡季,但理文造紙自8月起已將產品加價每噸約150-200元人民幣,相信公司再造紙產量提升,將可使其得享成本效益,尤是2021年起,提振作用更加明顯。

麥格理對即將來臨的旺季,理文造紙產品加價和每噸利潤均感樂觀。麥格理已將理文造紙2020/21/22年度的每股盈利分別提高5/11/14%,該行最新預測數字比市場平均高出約24-33%。

另外,玖紙將於下週二(22日)公佈2020年度業績,麥格理預測其表現超預期逾10%。

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