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高盛:升玖纸(2689.HK)评级至“中性” 目标价下调至6港元
格隆汇 09-27 11:03
高盛发表报告指,玖龙纸业(2689.HK) 2019财年业绩表现特别疲弱,但相信其股价已反映集团所面对的挑战。而股份目前估值相当于2020财年预测市账率0.7倍及市盈率8.7倍,对比五年历史平均范围为市账率0.6倍至2.1倍,及市盈率4.3倍至19.3倍。
由于集团自去年12月被降级至“ 沽售 ”以来,股价已累跌约21%,该行上调对玖纸的股份评级,由“ 沽售 ”升至“ 中性 ”。至于股份目标价则由6.4港元下调至6港元,以反映单位毛利上升及销量下降。
高盛表示,虽然预计因贸易局势紧张和终端需求疲软,产品价格/价差不会改善,但认为有关影响已反映在集团股价当中。此外,由于中小型工厂无法按现货价格获利,因此该行认为箱板纸的降价已基本完成。
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