《大行報告》匯豐研究下調玖龍紙業(02689.HK)及理文造紙(02314.HK)目標價 評級維持「持有」
匯豐環球研究發表報告指,在本港上市的內地紙業股價今年以來累跌26%,是該行所覆蓋的內地材料行業中表現最差。由於需求疲軟和出現新供應,造紙業在第二季未有實現復甦,雖然利潤率回升,但仍遠低於平均水平。
該行預計,行業利潤率於今年第三季淡季仍將收縮,短期內,預計庫存水平將從目前的低水平約17天回升,單位利潤率將收縮直至第四季傳統旺季。
匯豐研究將玖龍紙業(02689.HK)目標價由6.8元下調至4.7元(相當預測綜合市賬率0.4倍),理文造紙(02314.HK)目標價由3.4元下調至2.65元(相當預測綜合市賬率0.4倍),均維持「持有」評級。該行指由於利潤率恢復時間表未明,下調盈利預測,並認為理文造紙的盈利相對具韌性,因為其在產能擴張方面不太進取,而且有較多衛生紙業務,與包裝紙相比,可以節省更多的成本。
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