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《大行报告》大摩:市场憧憬玖纸(02689.HK)受惠人币升值 基本面疲弱续影响盈利
阿思达克 09-23 10:28
摩根士丹利发表研究报告,指玖龙纸业(02689.HK)受惠原材料和融资成本下降,其2020年度纯利按年升9%至41.68亿元,惟行业产能持续扩张继续影响价格展望。

该行指出,玖纸2020年度下半年盈利按年增长17%至18.9亿元,但按半年则跌17%,年度总派息32仙,派息比率为36%,相当於股息率3.3%。大摩称,玖纸销售因产能扩张而增长,而未来产能扩张料将持续。

大摩又称,公司毛利率扩张2个百分点,主因原材料成本下降;同时去杠杆续录进展。该行称,市场憧憬玖纸受惠人币升值,带动股价上升,惟基本面疲弱续影响盈利。大摩解释,玖纸盈利对外汇变动十分敏感,估算倘人民币升值10%,会带动玖纸盈利增长21%,不过,行业基本面续具挑战,包括新增产能增加供应,及进口量增加压抑纸价,另加上东莞「煤改气」增加成本,都会压抑玖纸盈利;予目标价5元,评级「减持」。

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