《大行報告》大和降玖紙(02689.HK)評級至「跑贏大市」 短期毛利率料見頂
大和發表研究報告,指玖龍紙業(02689.HK)就截至去年12月底止中期業績發盈喜,料撇除外匯損失經調整純利按年升最少60%,高於該行預測的40%升幅。該行估算每噸經調整純利約460元人民幣,屬近三年以來最高。該行料公司盈利能力在下半財年難以維持,源於內地瓦楞紙價格升幅開始快過終端產品,經營成本亦在上升。即使加價消息頻傳,該行建議投資者考慮在毛利率能見度下滑時先鎖定部分利潤。
該行指,上調玖紙2021財年每股盈測8%,以反映單位毛利擴張勝預期。考慮上行空間有限,短期毛利率料見頂,該行將玖紙投資評級由「買入」降至「跑贏大市」,維持目標價13元,相當於2021至2022財年預測市盈率均值8倍。
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