《大行報告》大和一舉降玖紙(02689.HK)評級至「跑輸大市」 目標價下調至5.5元
大和發表研究報告指出,玖紙(02689.HK)早前發盈警,預期2023財年上半年錄得虧損約12.5億至14.5億元人民幣。該行預期公司2023財年上半年的每噸淨虧損為169元人民幣,較2022財年上半年的每噸淨利潤304元人民幣和2022財年下半年的每噸淨利潤58元人民幣大幅下降。該行相信公司將於今財年首季繼續錄得淨虧損,要至次季才有潛在轉機。
該行指出,玖紙股價去年曾升超過50%後在10月底觸底,相信重新開放的樂觀情緒已完全反映在股價中,該行對其持負面看法,主要由於今年供需情況惡化;鑑於中國取消6%的進口關稅,可能轉向進口箱板紙;疫情後消費復甦或差過預期。
此外,大和認為玖紙供過於求的情況是近期關鍵問題,另對其2024至2025財年盈利預測各下調7%至32%,目標價由5.6元下調至5.5元,評級由「跑贏大市」一舉降至「跑輸大市」。
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