You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金降玖紙(02689.HK)目標價16%至6.3元 下半財年業績遜預期
阿思達克 09-04 13:32
玖龍紙業(02689.HK)上周發盈警,料截至2023年6月底止年度由盈轉虧,蝕約22億元至26億元人民幣(下同),對上財年同期賺32.75億元。中金發表報告,估算其6月底止下半財年虧損約8億至12億元,遜市場預期,主因價格跌幅大過預期。 報告稱,玖紙銷量整體持穩;但紙價面臨多重困境,當前價格處近五年底部。內需偏弱、出口放緩、進口紙衝擊三重壓力在下半財年集中反映。考慮成本優勢逐步重現,估算玖紙下半財年每噸中樞虧損約125元,較上半財年每噸虧損約160元收窄。季度看,考慮到今年首季停機費用偏高、疊加成本略高,報告判斷核心虧損集中首季,今年次季整體按季修復。 中金料今年12月底止上半財年,玖紙純利「弱修復」態勢將延續。報告指其產能擴建陣痛期,資產負債表可控;上財年資本開支逾180億元,報告預計明年6月底止現財年資本開支仍在高峰。 考慮到紙價跌幅超預期,中金下調其上財年盈測至虧損23億元,降2024財年盈測至轉賺25億元,並料2025財年純利進一步增至35.29億元;維持「跑贏行業」評級,考慮估值輪動至2024財年、同時板塊處盈利修復階段,下調目標價16%至6.3港元。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account