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《大行報告》大摩:市場憧憬玖紙(02689.HK)受惠人幣升值 基本面疲弱續影響盈利
阿思達克 09-23 10:28
摩根士丹利發表研究報告,指玖龍紙業(02689.HK)受惠原材料和融資成本下降,其2020年度純利按年升9%至41.68億元,惟行業產能持續擴張繼續影響價格展望。

該行指出,玖紙2020年度下半年盈利按年增長17%至18.9億元,但按半年則跌17%,年度總派息32仙,派息比率為36%,相當於股息率3.3%。大摩稱,玖紙銷售因產能擴張而增長,而未來產能擴張料將持續。

大摩又稱,公司毛利率擴張2個百分點,主因原材料成本下降;同時去槓桿續錄進展。該行稱,市場憧憬玖紙受惠人幣升值,帶動股價上升,惟基本面疲弱續影響盈利。大摩解釋,玖紙盈利對外匯變動十分敏感,估算倘人民幣升值10%,會帶動玖紙盈利增長21%,不過,行業基本面續具挑戰,包括新增產能增加供應,及進口量增加壓抑紙價,另加上東莞「煤改氣」增加成本,都會壓抑玖紙盈利;予目標價5元,評級「減持」。

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