《大行報告》瑞信上調理文造紙(02314.HK)目標價至9.3元 評級「跑贏大市」
瑞信發表研究報告,指出農曆新年過後,理文造紙(02314.HK)會逐步加價,而短期需求復甦亦有利價格提升。很多大型生產商在農曆新年前宣布將每噸包裝紙價格上調100至300元人民幣,再加上節日期間停產,目前造紙廠的庫存相對較低,相信在需求開始恢復時,將支持紙價。
該行提到,有較高原材料自給率的造紙廠具有明顯的競爭優勢。在海外瓦楞紙箱零進口的政策下,國內廢紙價格持續上升,加上能源、化工及貨運的成本增加,因此預期包裝紙價格在成本上漲的情況下會維持韌性。
瑞信將理文造紙2020至2022年的盈利分別上調13.3%、9.4%及5.9%,以反映銷量更高及毛利率預期。目標價由原來的6.6元上調至9.3元。維持「跑贏大市」投資評級。
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