中金:維持玖紙(2689.HK)“中性”評級 目標價下調21%至7.11港元
中金公司發表報告表示,玖龍紙業(2689.HK)
截至6月底止全年收入按年升3.5%至546.47億元人民幣,純利按年跌50.8%至38.6億元人民幣,符合前期預告。
該行指,2019年第三季行業箱板紙、瓦楞紙及白紙板行業均價分別同比低21%、24%和8%。雖然隨着旺季需求邊際改善,包裝紙價格近期自低點累計上漲50-100元人民幣,但預期2019年第四季仍陸續有新增包裝紙產能投產,供需面整體將維持弱平衡,旺季提價幅度有限,預期2020財年上半年玖龍紙業售價、噸盈利仍有同比下滑壓力。
基於上述因素,該行下調玖龍紙業2020財年純利預測35%至33.37億元人民幣,並預期2021財年純利為35.24億元人民幣,維持該股“
中性
”評級,目標價下調21%至7.11港元。
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