瑞信:理文造紙(2314.HK)業績勝預期 上調目標價至9.5港元
瑞信發表研究報吿指,理文造紙(2314.HK)昨日發表去年業績,純利按年增10.7%至近37億港元,高於市場預期,盈利增長主要受惠紙價及需求上升所帶動,將其目標價由9.3港元上調至9.5港元,重申“優於大市”評級。
瑞信將理文造紙2021及22年盈利預測分別上調8.6%及8.3%,以反映較高的利潤率假設,並預期2023年盈利將錄約40億港元。該行料短期內紙價將維持穩固,因需求復甦及相關庫存在低水平,並認為長遠來説,大型造紙廠將能進一步享受其競爭優勢,因它們具備強勁的回收紙漿及本地廢紙回收網絡。

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