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里昂:上調玖紙(2689.HK)目標價至6.5港元 評級“跑輸大市”
格隆匯 09-26 11:46
里昂發表研究報告,指玖紙(2689.HK) 2019財年經調整盈利按年下跌48.7%,略較該行的預期低出2.8%,但符合早前發出的盈利警告,紙價暴跌導致公司的盈利下跌。在需求疲弱、新增產能的風險、及受人民幣貶值影響而出現成本上漲等情況下,仍看到公司的前景疲弱。
該行又指,公司將其在中國的四條生產線的開工時間延後2至3個季度,至今年第四季及明年首季,似乎是希望減低對市場的額外壓力。同時,除了計劃在美國增加紙漿產能外,公司亦正式在馬來西亞增加產能,從而減少中國限制廢紙進口帶來的進一步影響,相信2020財年的銷售量增長將會受到影響,資本開支預算亦會提升。
里昂將玖紙2020至2021財年的經調整盈利預測分別下調5.8%及1.4%,以反映銷售量及均價下跌的因素,但基於市場氣氛因季節性因素而有所好轉,將其目標價由原來的6港元上調至 6.5港元 ,維持 “跑輸大市” 投資評級。
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