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國浩資本:玖龍紙業上調評級至買入看7.4元 @ 2013-02-26T14: Back Hot News
Keyword:玖紙
Concept:玖龍紙業中期 , 半年550萬
大行對玖紙的看法有分歧。美銀美林料,今年中國箱板紙和紙板產能將分別增540萬噸及400萬噸,故紙價上升空間有限,預料玖紙的每噸紙盈利將跌至124元水平,維持「跑輸大市」評級,目標價5.9港元。
新浪財經訊 1月30日消息,據財華社報道,美銀美林發布報告指,將玖龍紙業評級由「中性」降至「跑輸大市」,主因公司近期股價過高,市場對今年潛在溫和復蘇的影響考慮過多。但該行將玖紙目標價由5元上調至5.9元,主因公司今年及明年盈利或分別輕微增長3%、9%,同時估值由今年預測市盈率的11倍轉向今年及明年平均預測市盈率的11倍,於全球主要同業今年預測市盈率基本一致。該行指,玖紙股價自去年9月起已上漲84%,目前是減持時機。
該行指,以目前價格來看,較傾向玖紙。雖然理文造紙的利潤於結構上有較大防御性,但過去兩年於下行周期中,利潤率仍保持良好增長,意味改善空間較少。此外,玖紙較便宜,且獲重新評級的潛力較佳,現時市盈率較理文造紙現輕微折讓。玖紙及理文將分別於二月底及三月公布業績。該行對內地周期性股票看法為增持。
*DBS料玖紙即將加價股價亦已反映負面因素 升評級至「買入」

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