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《大行報告》大和下調玖紙(02689.HK)評級至「持有」 目標價13元
阿思達克 02-24 10:54
大和發表研究報告,下調玖紙(02689.HK)投資評級,由「跑贏大市」降至「持有」,目標價維持13元。報告稱,玖紙新資本開支計劃長遠屬正面,確保增長不受干擾,欣賞管理層的決斷。不過,新投資或意味行業現時OCC廢紙短缺或差過管理層預期。考慮2021財年上半年盈利能力或已見頂,2022至2023財年盈利可見度低,及近期股價上升,該行認為是鎖定利潤的時機。

報告稱,玖紙沒重大資產負債表風險,但利潤率料進一步受壓。該行輕微下調玖紙2021財年每股核心盈測1%,並大幅下調2022至2023財年每股核心盈測9%至24%,以反映毛利率承壓及財務成本上升。

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