《大行报告》大和下调玖纸(02689.HK)评级至「持有」 目标价13元
大和发表研究报告,下调玖纸(02689.HK)投资评级,由「跑赢大市」降至「持有」,目标价维持13元。报告称,玖纸新资本开支计划长远属正面,确保增长不受干扰,欣赏管理层的决断。不过,新投资或意味行业现时OCC废纸短缺或差过管理层预期。考虑2021财年上半年盈利能力或已见顶,2022至2023财年盈利可见度低,及近期股价上升,该行认为是锁定利润的时机。
报告称,玖纸没重大资产负债表风险,但利润率料进一步受压。该行轻微下调玖纸2021财年每股核心盈测1%,并大幅下调2022至2023财年每股核心盈测9%至24%,以反映毛利率承压及财务成本上升。
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