大摩:恆安(1044.HK)芬蘭項目被否決料不影響整體營運 予“增持”評級
恆安國際(01044.HK)上週就芬漿投資項目公佈,指芬蘭最高行政法院(KHO)否決了芬漿的環境許可證,擬建的製漿廠將不會繼續。摩根士丹利發表研究報告指,恆安去年透過初始投資約9,000萬元人民幣獲得芬漿約36%權益。管理層指出,芬漿處於淨現金狀態。
報告指,現不確定恆安會否籌劃其他製漿廠投資項目,公司現因不繼續前述項目,而節省約20億元人民幣資本開支。大摩稱,留意到部分恆安投資者不喜好對芬漿的投資,而且,木漿價格處歷史低位,處於供過於求,該行不預期芬漿項目終止會對恆安整體營運構成影響。對於今年下半年及明年上半年,該行認為市場仍未完全確認恆安正處復甦,估值低企。大摩予恆安“增持”評級,目標價65港元。

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