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大行評級 | 花旗:盈警預示理文造紙下半年業績遜預期 評級“沽售”
格隆匯2月14日丨理文造紙(2314.HK)發盈警,預期2022年度純利同比下跌60%至13億港元,遠低於花旗預期的16.9億。理文最新預測反映公司去年下半年純利或按年大挫65%,比上半年的57%跌幅擴大。花旗維持對理文造紙的“沽售”評級,目標價仍是2.5港元。消息指出,因疫情關係,內地多區進行封控打擊銷量,理文造紙下半年利潤僅有上半年利潤約一半,而平均售價大跌,亦令下半年理文造紙的利潤率受壓。雖然內地重新通關下,今年紙業需求將會恢復,但估計行業供應最快在今年第三季起持續上升,加上通脹可能打擊衞生紙的盈利,花旗看淡紙業,對玖龍紙業(2689.HK)維持“中性”評級。理文造紙現報3.92港元,總市值169億港元。

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