《大行報告》星展降玖紙(02689.HK)評級至「持有」 削目標價至3.96元
星展發表報告指,玖龍紙業(02689.HK)2023財年錄得虧損24億元人民幣,為首次錄虧損的年度,毛利率跌至2.7%的新低,主要由於平均售價下跌,不過銷售量增長3.4%。雖然公司有能力達到2024財年1,800萬噸的銷售目標,但相信在平均售價及每噸盈利方面要作出犧牲,相信短期內每噸盈利難以回復對上一年350元人民幣的平均水平,預期2024及2025財年每噸盈利分別為55元及130元人民幣。將其評級由「買入」下調至「持有」,目標價由8.38元削至3.96元。
報告指,雖然內地製造業採購經理指數,在過去幾個月輕微改善,但仍處於收縮水平,8月新出口訂單指數為46.7%,溫和的經濟增長對玖紙估值造成壓力。
該行認為玖紙目前估值,已反映2024年度可能扭虧的因素,但包裝紙需求溫和、以及公司超過100%的淨負債比率,將會限制投資者付出較高溢價的意願。
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