《大行报告》瑞信上调玖纸(02689.HK)目标价至11.2元 评级「跑赢大市」
瑞信发表研究报告,指玖纸(02689.HK)去年度业绩升7.5%至42亿人民币,高於市场预期,盈利增长主因销售增加、原材料成本下降,以及公司派末期息每股0.22元人民币,计及中期息0.1元人民币,派息比率为36%。
该行指,在等待第四季需求高峰期临近的同时,股价在今个月升20%,主因人民币升值,令原材料成本和海外债务降低,不过因应政府禁止废纸进口,令瓦楞箱板纸(OCC)的生产比例由2017年的60%降至20%,预期未来成本稳健可以支持纸价,同时在需求增长时可以有提价空间。
该行升集团2021至22年度盈利预期分别2.2%及2%,以反映销量和利润增长预期提升,目标价由10元升至11.2元,维持「跑赢大市」评级。
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