《大行報告》花旗下調玖龍紙業(02689.HK)目標價至5元 業績虧損已反映
花旗發表報告指,玖龍紙業(02689.HK)2023財年虧損23.7億元人民幣,收入按年減12%至567億元人民幣,是其上市後首次出現全年虧損。該行認為,該股目前0.4倍市價淨值比的低估值已經反映出其2023財年的預期表現。
該行下調玖龍紙業於2024及2025財年的盈利預測各29%及16%,目標價至由7元降至5元,相當預測明年市盈率11倍,維持「中性」評級。鑑於終端需求錄得改善,集團將9月的平均售價按月提高每噸100至150元人民幣,並預計在今年第四季進一步提高均價。
花旗表示,鑑於9月平價上升,預計淨利潤將較7至8月的預期虧損大幅改善。集團可能會從10月初起將白板紙的平均售價每噸上調500元人民幣,將塗佈雙紙板的售價上調200元人民幣,這將促使以上兩種產品獲得盈利。
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