《大行报告》瑞银上调理文造纸(02314.HK)目标价至6元 评级「沽售」
瑞银发表研究报告,指理文造纸(02314.HK)近期降B&Q纸销售均价每吨50至100元人民币,预期未来有进一步降价风险,因库存增加、本地回收纸价亦见转弱。
该行升理纸2021至2023年盈利预测介乎16%至20%,以反映销货成本降幅大於预期,同时看淡公司利润前景,质疑其可否将成本压力完全转嫁,料每吨盈利将由去年下半年的636元降至今年的463元,盈利下行风险亦未完全反映於现价,维持「沽售」评级,目标价由4.31元升至6元。
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