《大行报告》瑞信上调理文造纸(02314.HK)目标价至9.3元 评级「跑赢大市」
瑞信发表研究报告,指出农历新年过後,理文造纸(02314.HK)会逐步加价,而短期需求复苏亦有利价格提升。很多大型生产商在农历新年前宣布将每吨包装纸价格上调100至300元人民币,再加上节日期间停产,目前造纸厂的库存相对较低,相信在需求开始恢复时,将支持纸价。
该行提到,有较高原材料自给率的造纸厂具有明显的竞争优势。在海外瓦楞纸箱零进口的政策下,国内废纸价格持续上升,加上能源、化工及货运的成本增加,因此预期包装纸价格在成本上涨的情况下会维持韧性。
瑞信将理文造纸2020至2022年的盈利分别上调13.3%、9.4%及5.9%,以反映销量更高及毛利率预期。目标价由原来的6.6元上调至9.3元。维持「跑赢大市」投资评级。
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