《大行報告》大和上調玖紙(02689.HK)目標價至13元 評級「買入」
大和發表研究報告指,中國宣布逐步減少進口外國廢料,將推動瓦楞紙箱(OCC)價格上升,認為玖龍紙業(02689.HK)於今年下半年每噸紙品盈利可達到近十年新高,上調對玖紙目標價,由12元升至13元,維持「買入」評級,此相當預測市盈率9倍,上調對其明年每股盈利預測4%。
該行指,儘管公司財務總監兼執董張元福沽售持股,為股價帶來波動,但認為玖紙基本面仍然穩健,下半年每噸紙品利潤由上半年的300元人民幣提升至380元人民幣,創十年迎高,認為現時股價調整為買入時機。
大和表示,內地當局今年再收緊限塑令,包括禁止即棄塑膠用品的生產及使用等。該行預期對紙業有長遠利好作用,相信可為玖紙帶來額外500萬至600萬噸的紙箱需求。
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