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《大行報告》高盛升玖紙(02689.HK)目標價至12元 料毛利及市場份額可齊擴張
阿思達克 09-23 11:28
高盛發表報告表示,玖龍紙業(02689.HK)公布2020財年純利41.7億元人民幣、每股盈利0.89元人民幣按年升7%,若撇除外匯損失因素後的經常性盈利或達44.3億人民幣按年升8%,指玖紙業績優於該行及市場預期,主要是銷售較高及財務成本較低,而公司宣派每股末期息22分人民幣,全年度派息32分,派息比率36%,高於2019財年的34%。

該行指,重申對玖龍紙業「買入」評級,上調對其未來12個月目標價,由10.5元升至12元,此相當預測2022財年市賬率1.02倍,料公司可受惠毛利及市場份額齊擴展。

高盛估計,受新冠疫情影響下箱板紙行業於今年上半年需求按年下跌2.2%,料見第二季已快速復甦,料下半年箱板紙行業需求會轉為正增長3%。該行上調對玖紙2021財年及2022財年純利預測各19%及13%,因料產品單位盈利提升(料2021及2022財年單位純利預測各為每噸323元及369元人民幣,對比2020財年每噸289元人民幣)及錄較高銷售額。

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