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《大行報告》瑞信升玖紙目標價至4.05元 關注融資成本上升(更正) @ 2012-02-29T14: Back Hot News
Keyword:玖紙
Concept:玖紙負債
玖紙純利跌34%應收賬大增
《外資精點》瑞信:關注玖紙財政脆弱,維持遜於大市,惟升目標價
不過,由於去年內地通脹高企,部分中小型紙業股去年盈利受困於成本上升,如群星紙業(3868)早前便發盈警。相對而言,具一定規模的玖紙及理文造紙較為可取。花旗早前予理文造紙及玖紙「買入」評級,基於再造紙成本已回落20%,毛利率存在上升空間,估計兩股今年盈利有機會由跌轉升,認為玖紙為紙業股首選,將其目標價由7.2元升至8.4元,同時將理文造紙目標價由2.6元上調至3.9元。上述玖紙及理紙的目標價較昨收市價分別有49%及11%水位,倘參考此目標價,以玖紙較為值博,可逢低收集。
另外,玖紙(02689)業績雖見倒退,但表示計劃上調紙價,玖紙昨日急飆16.3%,帶動陽光紙業(02002)、理文造紙(02314)及森信紙業(00731)升逾一成;從紙業經營環境有見底跡象看,中長線股價仍可看好,惟短期升幅已大,現價追入有較大風險,宜稍股價調整時才作吸納。
玖紙加紙價 紙股漲逾1成
首先,從本報數據庫內選取一批去年從高位急跌超過七成、現時市值(包括A股)超過50億元股份,再篩選於彭博綜合券商評級為3左右或以下(見表)股份,可發現近年大勇的比亞迪、思捷及玖紙,現時分別已收復去年跌幅(注)的42%、28%及41%,以此角度來看,思捷後市仍有追落後空間。

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