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《大行報告》瑞信上調玖紙(02689.HK)目標價至11.2元 評級「跑贏大市」
阿思達克 09-24 10:02
瑞信發表研究報告,指玖紙(02689.HK)去年度業績升7.5%至42億人民幣,高於市場預期,盈利增長主因銷售增加、原材料成本下降,以及公司派末期息每股0.22元人民幣,計及中期息0.1元人民幣,派息比率為36%。

該行指,在等待第四季需求高峰期臨近的同時,股價在今個月升20%,主因人民幣升值,令原材料成本和海外債務降低,不過因應政府禁止廢紙進口,令瓦楞箱板紙(OCC)的生產比例由2017年的60%降至20%,預期未來成本穩健可以支持紙價,同時在需求增長時可以有提價空間。

該行升集團2021至22年度盈利預期分別2.2%及2%,以反映銷量和利潤增長預期提升,目標價由10元升至11.2元,維持「跑贏大市」評級。

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