《大行報告》大和降玖紙(02689.HK)目標價至9.5元 評級「買入」
大和發表報告,指玖紙(02689.HK)成本壓力將在今年維持,紙漿廠產能擴張計劃將有助控制成本,並在2023年至2024年增加市場份額。該行將玖紙(02689.HK)目標價由13元下調至9.5元 ,重申評級「買入」。
玖龍紙業截至去年12月底止中期收入344.71億元人民幣(下同),按年升11.6%;純利27.75億元,按年跌30.7%。大和認爲,其疲弱業績屬市場預期,不過部分國策有利紙業,包括爲使用回收紙的公司提供稅收優惠,並且不受能耗管控。管理層估計,稅收減免可爲每噸盈利增加40元。
大和表示,在出貨量預測下調下,將玖紙2022至2024財年盈利預測下調12%至18%。
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