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大行評級|星展:下調玖龍紙業評級至“持有” 下調目標價至3.96港元
格隆匯 09-28 15:25

星展發表報吿指,玖龍紙業2023財年錄得虧損24億元,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1800萬噸的銷售目標,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恢復到上一年350元的平均水平,預期2024及2025財年每噸盈利分別為55元及130元。將其評級由“買入”下調至“持有”,目標價由8.38港元削至3.96港元。該行認為玖紙目前估值,已反映2024年度可能扭虧的因素,但包裝紙需求温和、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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