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《大行報告》匯豐升理文造紙(02314.HK)目標價至4.2元評級「 @ 2012-11-22T08: Back Hot News
Keyword:理文造紙
Concept:理文造紙中期 , 2013年3月
摩通預計,未來市場需求將繼續改善,公司的議價能力將能逐步加強,相信理文造紙,以及玖紙(02689-HK)都在年內有另一次的加價,以反映8月後購買OCC廢紙原料成本的上升。
【大行報告】瑞信升理文造紙(02314-HK) 評級至「中性」,目標價4.05元
報告指出,政府刺激措施支持需求上升,同時行業新增供應放緩,明年理文造紙毛利率應會改善。盡管目前摩通因估值低而更看好玖龍(2689-HK),但理文造紙的防守性更佳,因其負債水平較低、盈利能力更高及經營現金流更好。
匯豐表示,理文造紙(2314.HK)2013財年上半年純利6.74億港元,按年升4.3%,低於該行預期5.7%。管理層對前景態度審慎,但相信已度過最低點,維持公司「中性」評級,目標價由3.6港元上調至4.2港元,下調2013-2014年盈利預測10%及6%。10月及11月份價格上漲後,利潤率有所恢復,但行業已恢復言之尚早。至於箱板紙行業,相信明年每噸淨利潤率恢復緩慢,因需要時間消化供應過剩。2012年產能擴張至少達490萬噸,高於整體箱板紙需求預期的4.6%,明年將有275萬噸新產能進入市場。(理文造紙昨日收報4.37港元)
《大行報告》理文造紙(02314.HK)中期純利升4.3% 息5仙
盈喜兼獲高盛唱好,中國燃氣(00384.HK)升5.8%。獲大行升目標價,理文造紙(02314.HK)再升4%。多賺46%增派息,鴻興(00450.HK)漲近半成。趁高配股抽水,潤燃(01193.HK)逆挫8.1%。兩宗大手成交上板,建滔板(01888.HK)急彈13.1%。(SU/A)

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