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《大行報告》花旗上調理文造紙(02314.HK)目標價至8.6元 評級「買入」
花旗發表報告指,理文造紙(02314.HK)上半年股東應佔純利19.4億元,按年升近45%,略高於該行19億元的預測。因此,將2021年至2023財年的利潤預測提高了4%至6%,因上調箱板紙的利潤率預測。目標價由8.4元升至8.6元。 花旗指,管理層沒有披露新產能計劃的細節和在廣西主要投資的最新情況,據該行模型顯示,在2021財年每股盈利複合增長率達25%的強勁增長之後,到2023年的兩年每股盈利複合增長率將會回落至4%。考慮到管理層正在尋求增加中國以外的產能,加上目前估值較低,維持維持「買入」評級。但在造紙業中,該行更偏好玖龍紙業(02689.HK),因具有更高的銷量增長前景。
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