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麥格理:維持理文造紙(2314.HK)優於大市評級 目標價8.3港元
格隆匯 03-08 12:42

麥格理髮表研究報吿指,理文造紙(2314.HK)去年下半年除税後淨利潤按年減少48.7%,遜於該行及市場預期,主要由於更高的能源和紙漿成本。隨着煤價正常化和海外紙漿產能增加,認為理文造紙正處於黎明前最黑暗的時刻,隨着政府專注於提振消費,認為下半年的潛在需求將有所改善,而由於集團85%都是高端產品,塑膠禁令將令理文造紙獲益。該行維持“優於大市”評級,目標價8.3港元。

報吿指,由於運費上漲,銷售及行政開支按年增加26%,佔銷售額的7.8%,增長0.5個百分點。庫存因銷售疲軟而上升,預料在經歷兩會和殘奧會帶來的下游需求恢復後,庫存情況將有所改善。“煤改氣”可能面臨寬鬆的控制,因為中國將把用作原材料的能源排除在能源消耗總量上限之外,在烏俄局勢下,天然氣價格飆升將令造紙業受益。

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