大和理文造纸(2314.HK)盈利下降乃意料之内予“持有”评级
大和发表研究报告指,理文造纸(2314.HK)发盈警,料上半年纯利按年跌43%,较该行预期低11%,但认为盈利下降乃意料之内,因其下游需求持续走软和相关业务供应过多,促使平均售价下降,理文亦难以远离行业疲软的周期和潜在利润下降,予“持有”投资评级。
该行续指,理文下游需求暂时未见有好转的迹象,随着小型公司被逼离开该行业,相信造纸行业出现整合的迹象,但相信过程较缓慢。
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