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《大行報告》摩通下調理文造紙(02314.HK)及玖龍紙業(02689.HK)目標價13%至15% 維持「增持」評級
摩根大通發表報告,去年是內地包裝紙行業最差的其中一年,主要原因是在內地各地普遍疫情防控下,消費需求大幅放緩,指理文造紙(02314.HK)及玖龍紙業(02689.HK)均已經發出盈警。展望未來,該行預計隨著供應紀律將不斷加強,玖龍紙業將重點轉向盈利能力,而需求恢復應在4月份加速,將推動紙張利潤恢復。 該行指,雖然理文造紙及玖龍紙業今年以來股價跑贏大市,但指其市盈率估值仍接近歷史低位。 摩通將玖龍紙業和理文造紙2022至2025財年盈利預測下調25至67%,以反映2022財年盈警和更新的紙張利潤率前景。摩通將玖龍紙業目標價由11.5元下調至10元(相當綜合2024及2025財年市賬率0.8倍),將理文造紙目標價由6.8元下調至5.8元(相當綜合2024及2025財年市賬率0.6倍),均維持「增持」評級。
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