《大行報告》美銀證券下調玖紙(02689.HK)目標價至5.7元 評級「中性」
美銀證券發表報告指,與玖龍紙業(02689.HK)首席財務官進行業績後海外投資人會議。在第三季出現每噸100至300元人民幣的行業性虧損後,公司對10月份扭虧爲盈持樂觀態度,預計第四季將實現收支平衡,甚至錄得利潤。
該行指,玖紙稱本週出貨量已轉好,超過每日6萬噸,是今年以來最好的水平。管理層對10月10日落實加價通知表示樂觀,並預計所有紙廠在國慶節假期後將滿負荷運轉,可能會推高再生漿的需求,從而有利於再生漿的價格和紙張價格的上漲。
美銀證券指,考慮到最新指引和第三季業績表現,將玖紙2023至2024財年盈利預測下調13%至35%。目前假設2023財年的每噸淨利潤爲114元人民幣,銷售量爲1,700萬噸,意味打後幾季的利潤率將逐步回升。目標價由7元降至5.7港元,相預測2023至2024財年平均市盈率5.7倍,維持「中性」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.