《大行报告》大和料理文造纸(02314.HK)可受惠人民币汇率升值 目标价上望6.3元
大和发表研究报告指,理文造纸(02314.HK)股价开始追落後,甚至跑赢九龙纸业(02689.HK),给予目标价6.3元。
报告指,管理层透露集装箱纸板价格近期处於稳固上升轨道,但尚未回复到疫情之前高位,预计随着进入第四季度的旺季仍有进一步上升空间。在原材料来源上,理文造纸已为2021年的零进口配额环境做好了充分的准备,提高采购量及布局海外纸浆产能,预计马来西亚基地将成为未来纸浆来源,至2021年底为集团的需求贡献20%。
大和指出,理文造纸104亿港元债务料可受惠於人民币兑美元汇率近期强势,但除汇率升值因素外,目前未见到其他新的催化剂,继续将理文造纸视为落後的股份,重申「买入」评级。
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