《大行報告》中金下調維達(03331.HK)目標價至19元 評級維持「跑贏行業」
中金髮表報告指,維達國際(03331.HK)上半年業績遜市場預期。由於需求復甦乏力和基數較高,拖累第二季收入增長。考慮次季軟木漿及硬木漿價格按年跌6%及29%,及其庫存週期,中金料其成本優勢下半年展現,帶動盈利見底回升。
報告稱,維達毛利率和淨利潤率可能會恢復到令人滿意的水平。同時由於人均用紙量的增加和產品結構升級,該行預計維達下半年收入繼續保持穩定增長。
中金指,考慮到第二季業績遜預期,將今明兩年盈利預測分別下調 56.3%和47.4%,至分別6.17億元和9.71億元。目標價相應下調19.1%至19元,評級維持「跑贏行業」。
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