高盛:上調玖龍紙業(2689.HK)評級至“中性” 下調目標價至6港元
高盛發佈報告稱,玖龍紙業(02689.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財年預測市淨率0.7倍及市盈率8.7倍,對比五年曆史平均範圍為市淨率0.6倍至2.1倍,及市盈率4.3倍至19.3倍。
該行表示,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。
該行表示,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。
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