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《大行報告》摩通下調玖紙(02689.HK)及理文造紙(02314.HK)目標價 估值便宜評級維持「增持」
摩根大通發表報告指,年初至今內地包裝紙股價下跌45%,包裝紙股以市賬率計估值屆歷史低位,受累終端需求疲軟及原材料成本高,尤其是煤炭,導致主要生產商已開始暫停現有產能、延遲增加新產能以及其他節省成本措施,這亦是商品行業下行週期的典型跡象。 該行表示,明年需求將很大程度上取決於內地經濟復甦程度及歐美市場的出口需求,而該行相信,短期而言,在11、12月的假期期間,季節性需求會回升,加上低庫存,利潤率有望持續改善。 該行將玖紙(02689.HK)2023至2025年各財年盈測下調44%、31%及16%,並將其目標價由13.5元下調至11.5元;同時將理文造紙(02314.HK)2022年至2024年各財年盈利預測下調50%、33%及20%,將其目標價由8元下調至6.8元,並基於估值便宜,維持其評級均為「增持」。
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