《大行报告》花旗下调理文造纸(02314.HK)目标价至7.5元评级「买入」
花旗发表报告,下调理文造纸(02314.HK)於2019至2021年间盈利预测介乎13%至21%,主要反映毛利率低於预期,内地宏观经济疲弱,及中美贸易战下,中国对美国进口废旧箱板纸(OCC)加徵关税影响。该行预计,今年理文造纸销售量将倒退10%至250万吨,每吨毛利倒退40%至600元。
该行相应下调目标价,自9.2元降至7.5元,惟相信目前估值已反映大部份不利因素,评级维持「买入」。该行并指,今年首选不会是纸品行业,因其较依赖内地宏观经济走势。另外,理文造纸早前公布系内关连交易,报告指出,相信交易有助理文造纸购入具质素回收纸浆,亦能以较低价买入相关原材料。
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