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玖紙彈升一成六計劃調高產品售價 @ 2012-02-28T19: Back Hot News
Keyword:玖紙
Concept:紙業中期純利
玖紙純利跌34%應收賬大增
玖紙6月年結,截至2011年6月底止年度業績一般,全年總銷售額243.87億(人民幣,下同),增長35.9%;但原材料價格上升,加上不易將成本轉嫁予客戶,純利跌9.8%至19.68億元。不過,若撇除特殊財務支出及火災意外虧損撥備等特殊項目,純利實質倒退3.9%至20.82億元。
匯豐料玖紙中期純利跌近四成 重申減持看4元
美林認為,玖紙雖然純利下跌但在意料之內,更看到行業的循環再生紙和箱板紙的價格有復蘇跡象,玖紙的產品價格或已見底並有反彈之機。不過由於勢頭仍需候更多跡象去確認,加上公司的現金流仍為負數,槓桿率仍在上升。倘配合中國的貨幣政策放松,料玖紙有被重估的可能。
股價跑贏大市,是因其中小企客戶獲信貸支持、政府持續整合行業;惟指舊紙板價格去年第三季下跌,影響第四季毛利率,將玖紙2012及13年度銷售分別下調8%及14%,純利預測分別下調15%及12%。
玖紙公布中期純利倒退34%,維持派息2分,惟負債高企股價仍猛漲16%;連帶理文造紙亦見炒高,股價升12%,破4元關,可見市場資金充裕,業績好與壞仍無懼風浪。加上,玖紙董事長張茵透露,擬下月調高紙價每噸100元人民幣至150元人民幣,有信心下半年毛利率有所回升,刺激紙業股全線飆升,惟部分升幅過急,待回調後再考慮吸納。

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