大和:玖紙(2689.HK)短期利潤率已見頂 下調評級至優於大市
大和發表研究報吿表示,玖紙(2689.HK)發盈喜,預期2021年度上半年財年盈利增長不少於60%,高於該行估計的40%增長,此顯示經調整每噸盈利約460元人民幣,為3年以來最高水平,但相信下半年度難以達到上半年度的盈利水平,儘管價格仍上升,但相信短期利潤率已見頂,建議投資者考慮銷定部分利潤,故將其評級由買入下調至優於大市,目標價則維持13港元。
該行估計,玖紙2021年度下半年經調整每噸盈利約303元人民幣,較上半年度跌35%,料利潤率受壓,基於受疫情影響及OCC價格波動性增加,令內地集裝箱板整體需求出現不確定性,相信集團利潤率的能見度將會下降。不過,該行將玖紙2021年度每股盈利預測調升8%。

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