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《大行报告》高盛升玖纸(02689.HK)目标价至12元 料毛利及市场份额可齐扩张
阿思达克 09-23 11:28
高盛发表报告表示,玖龙纸业(02689.HK)公布2020财年纯利41.7亿元人民币、每股盈利0.89元人民币按年升7%,若撇除外汇损失因素後的经常性盈利或达44.3亿人民币按年升8%,指玖纸业绩优於该行及市场预期,主要是销售较高及财务成本较低,而公司宣派每股末期息22分人民币,全年度派息32分,派息比率36%,高於2019财年的34%。

该行指,重申对玖龙纸业「买入」评级,上调对其未来12个月目标价,由10.5元升至12元,此相当预测2022财年市账率1.02倍,料公司可受惠毛利及市场份额齐扩展。

高盛估计,受新冠疫情影响下箱板纸行业於今年上半年需求按年下跌2.2%,料见第二季已快速复苏,料下半年箱板纸行业需求会转为正增长3%。该行上调对玖纸2021财年及2022财年纯利预测各19%及13%,因料产品单位盈利提升(料2021及2022财年单位纯利预测各为每吨323元及369元人民币,对比2020财年每吨289元人民币)及录较高销售额。

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