《大行報告》花旗一舉降理文造紙(02314.HK)評級至「沽售」 目標價削至4元
花旗發表報告,指在內地「清零」防疫政策下,消費力放緩,近期木漿成本飆升,導致衛生紙業務利潤率承壓,將理文造紙(02314.HK)目標價由8.6元下調53%至4元,評級由「買入」一舉降至「沽售」。
花旗將理文造紙2022至2023年的盈利預測下調41%至46%。該行指,理文造紙去年下半年盈利跌幅大過玖龍紙業(02689.HK),原因是理文造紙未能如玖紙般滿足發改委使用再生紙的要求、從而獲取退稅,另外,由於行業供應增加,掛面紙板是理文造紙最薄弱的板塊,去年下半年的毛利率按年收縮幅度更大。
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