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花旗:維持玖紙(2689.HK)“中性”評級 目標價7.5港元
格隆匯 09-25 15:29
花旗發表報告表示,玖龍紙業(2689.HK) 2019年度業績與早前發出的盈警一致,純利按年跌50.8%,收入按年升3.5%。受累中國對美國進口廢舊箱板紙(OCC)加徵關税,以及內地消費增長放緩,玖紙每噸淨利潤由328元人民幣(下同)收縮至下半年度的236元,不過其派息比率由對上財年的30%升至34%,為重要正面消息;且受惠自由現金流生成強勁,負債比率按年降5個百分點至60%。
該行稱,由於中國宏觀經濟放緩及中美貿易衝突持續,消費情緒惡化下,玖紙盈利可見度仍低,不過料最壞情況已過,今年第二季利潤率已見底。基於中國消費前景遜預期,花旗下調玖紙2020至2021年度盈測介乎10%至14%,但維持其目標價7.5港元,相當於2020年度預測市盈率8倍,同時維持“ 中性 ”評級。
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