《大行報告》花旗下調玖紙(02689.HK)目標價至13.5元 反映紙價向下趨勢
花旗發表報告,玖龍紙業(02689.HK)宣布將東莞、江蘇、天津和重慶工廠的白板紙和塗布灰底白板紙的每噸平均售價分別降低200元和100元人民幣(下同)。從3月底到5月初,玖紙的平均售價呈下降趨勢,在勞動節的良好需求帶動下而稍有回升,但隨後平均售價恢復下降趨勢,該行將玖紙2021至23財年的盈利預測下調10%至12%,目標價由14.5元下調至13.5元,評級維持「中性」。
花旗預計,玖紙2021財年盈利將按年增長48%,大部分增長來自於上半年度。下半年增幅將由上半年的76%放緩至14%,主要因為淡季以及大部分的平均售價下降趨勢將在2021財年第四季反映,預計中期收益將下跌46%至21.5億元。而2021財年下半年的每噸淨利潤將從上半年的每噸464元下降至每噸282元,按年下降39%。
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