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《大行報告》摩通下調玖紙(02689.HK)目標價至13.5元 評級「增持」
摩根大通發表報告指,玖龍紙業(02689.HK)近日公佈截至去年12月底止中期業績稅後盈利按年跌約35%至25.6億元人民幣,與之前公佈的盈警一致。該行指,玖龍紙業高昂的原材料成本影響了毛利率,公司管理層在分析師會議上表示,今年的成本可能繼續保持高位。 該行指,雖然市場前景平平,但玖紙目前的估值處於歷史低位,認爲已反映了較低的盈利預測,決定將玖龍紙業目標價,由16元下調至13.5元,相當預測今年市盈率9倍及市賬率1倍,維持「增持」評級。 摩根大通下調對玖紙2022年經調整每股盈利預測由1.52元降至1.24元人民幣,降其2023年經調整每股盈利預測由1.5元降至1.31元人民幣。
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