《大行報告》大摩下調玖紙(02689.HK)目標價至8.4元 降理文造紙(02314.HK)至5.4元
摩根士丹利發表報告,指內地紙張市場狀況依然艱難,需求疲軟、成本上升,市場集中度不斷提高使行業龍頭能承擔大部分成本漲幅,儘管股價已經大幅調整,但現在還不是大手買入的時候。
大摩將玖紙(02689.HK)目標價由11元下調至8.4元,理文造紙(02314.HK)目標價由6.7元降至5.4元,評級均為「與大市同步」。
大摩認為,2022年紙業產能擴張仍是紙價的一個下行因素,隨著海外市場新產能的啟動,預計整體紙張進口將保持高位,2022年可能會出現小幅回升,對內地市場紙價構成壓力。
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