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高盛:升玖紙(2689.HK)評級至“中性” 目標價下調至6港元
格隆匯 09-27 11:03
高盛發表報告指,玖龍紙業(2689.HK) 2019財年業績表現特別疲弱,但相信其股價已反映集團所面對的挑戰。而股份目前估值相當於2020財年預測市賬率0.7倍及市盈率8.7倍,對比五年曆史平均範圍為市賬率0.6倍至2.1倍,及市盈率4.3倍至19.3倍。
由於集團自去年12月被降級至“ 沽售 ”以來,股價已累跌約21%,該行上調對玖紙的股份評級,由“ 沽售 ”升至“ 中性 ”。至於股份目標價則由6.4港元下調至6港元,以反映單位毛利上升及銷量下降。
高盛表示,雖然預計因貿易局勢緊張和終端需求疲軟,產品價格/價差不會改善,但認為有關影響已反映在集團股價當中。此外,由於中小型工廠無法按現貨價格獲利,因此該行認為箱板紙的降價已基本完成。
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