《大行報告》美銀證券:理紙(02314.HK)中績符預期 評級「跑輸大市」
美銀證券發表研究報告指出,理紙(02314.HK)上半年稅後純利按年跌59%至7.97億元,與早前公司發盈警料純利下降59%的預測相同;每股中期息6.5仙,派息率35%,略高於去年同期的34%。
該行認為,雖然理紙中期業績一定程度上受紙巾高毛利的提振,但仍然看淡整體盈利前景,主要由於內地箱板紙生產商近2、3個月基本保持收支平衡,相信下半年或出現連續下滑。而8月份大規模停產導致廢紙降價,帶動毛利有觸底跡象,但該行對有關復甦的可持續性有所質疑。
美銀證券指出,除非零售需求復甦等催化劑出現,否則鑑於進一步削減收益的風險,該行對包括毛利保持警惕。重申「跑輸大市」評級,目標價3.2元。
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