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《大行報告》瑞銀首予玖龍紙業(02689.HK)「買入」評級 目標價5.06元
阿思達克 01-18 10:45
瑞銀發表報告,首予玖龍紙業(02689.HK)「買入」評級 目標價5.06元,相當於預測2025財年市賬率0.45倍。 該行預料內地紙造行業產能增長由去年2%放緩至今年的1%,隨著供需改善及利用率在2024年至25年恢復過來2至3個百分點,料其利潤率將會觸底。在多間造紙公司之中,該行認為玖龍紙業(02689.HK)是行業的領導人士,擁有100%自備電力,垂直整合至關鍵上游的材料及在高端產品方面進行擴張,並較同業錄得較佳的利潤率。 該行料,在煤炭價格較低下,料明年公司利潤率或跑贏同業,由2023年的3%改善至今年的9%以及明年的12%。該行料,公司股東權益報酬將會由2023年的降5%,改善至今年的2%及明年的6%。(ca/w) ~
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