《大行報告》花旗上調玖紙(02689.HK)目標價至7元 評級「中性」
花旗發表報告,指玖龍紙業(02689.HK)公布截至去年底止中期業績,收入按年跌9.5%至311.98億元人民幣(下同),並錄淨虧損約13.9億元。該行下調集團截至今年6月底止2023財年盈測,從之前料錄純利10.04億元下調至料淨虧損12億元,惟微調2024至2025財年的盈利預測,雖然業績略差於預期,但料或從2024財年開始扭虧為盈。集團將最早從今年第二季開始扭虧為盈,並在解除疫情限制後恢復高產能利用率,以迎接消費復甦。因此,該行將其目標價由5.8港元上調至7港元,相當於預測市盈率11倍,又維持「中性」評級。
該行表示,集團可能會從3月份開始推高銷售均價,冀受惠農曆新年假期後的終端需求。該行預計集團可能會在截至今年6月底止下半財年獲得1.82億元利潤,扭轉上半財年的大幅虧損局面。
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