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《大行报告》里昂降玖纸(02689.HK)评级至「跑输大市」 目标价13.8元
阿思达克 02-24 15:56
里昂发表报告指,玖龙纸业(02689.HK)撇除汇兑损失的中期经调整利润为38.97亿元人民币,按年增长61.6%,大致符合该行预期及早前公布的盈喜。

该行表示,集团的每吨利润进一步扩张,但同时禁止进口瓦楞纸箱(OCC)令成本结构性地上升,将考验造纸厂的提价能力。另外,集团公布积极的产能扩展计划,以保障上游及扩展纸张/下游产能,推动长远增长,但短中期会增加资本开支及财务成本。

里昂下调玖纸股份评级,由「跑赢大市」降至「跑输大市」,目标价维持13.8元,并调低集团2021至2023财年核心盈利预测分别2.2%、5%及1.1%,以反映利息支出增加。

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