《大行》大和升玖龍紙業(02689.HK)目標價至5.7元 續予「持有」評級
大和發表研究報告指,玖龍紙業(02689.HK)受惠於快速增長的內部紙漿供應帶來的成本優勢,(截至今年6月底止財年)下半財年的每噸紙盈利改善至127元人民幣(下同),較上半財年的31元和2024財年下半財年的53元大幅提升。展望2026財年,管理層預期均價將趨於穩定,並持續改善每噸紙盈利。
不過,該行表示,雖然玖龍紙業的可見性有所改善,但目前2026財年的PER為10倍,接近過去10年平均水平的高位,因此建議投資者等待更好的購入時機。該行上調公司2026及2027財年的每股盈測22至37%,將目標價由5元升至5.7元,但因應公允值而維持其「持有」評級。
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