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大摩:重申理文造紙(2314.HK)“減持”評級 料成本上升令利潤受壓
格隆匯 03-04 17:43

摩根士丹利發表研究報吿表示,由於新冠疫情爆發及中美貿易摩擦,影響理文造紙(2314.HK)去年上半年的銷量和價格,去年銷量由2019年的629萬噸略降至622萬噸,管道中將新增255萬噸的新產能,預計供應量的增加將為價格帶來壓力,加上成本上升,令利潤率受壓,故重申“減持”投資評級,維持目標價3.4港元。

該行指,基於今年暫停廢紙入口,在供應緊張下,令本地廢紙價格上漲,同時受疫情影響,進口纖維配料亦下降,故包裝紙價格持續上升,以轉嫁成本上漲的影響。理文造紙去年淨利潤36.53億港元,按年增長11%,產品平均每噸淨利潤按年升14%至587港元,派末期息18港仙,派息率37%,顯示股息收益率為3.9%。

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