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花旗:维持玖纸(2689.HK)“中性”评级 目标价7.5港元
格隆汇 09-25 15:29
花旗发表报告表示,玖龙纸业(2689.HK) 2019年度业绩与早前发出的盈警一致,纯利按年跌50.8%,收入按年升3.5%。受累中国对美国进口废旧箱板纸(OCC)加征关税,以及内地消费增长放缓,玖纸每吨净利润由328元人民币(下同)收缩至下半年度的236元,不过其派息比率由对上财年的30%升至34%,为重要正面消息;且受惠自由现金流生成强劲,负债比率按年降5个百分点至60%。
该行称,由于中国宏观经济放缓及中美贸易冲突持续,消费情绪恶化下,玖纸盈利可见度仍低,不过料最坏情况已过,今年第二季利润率已见底。基于中国消费前景逊预期,花旗下调玖纸2020至2021年度盈测介乎10%至14%,但维持其目标价7.5港元,相当于2020年度预测市盈率8倍,同时维持“ 中性 ”评级。
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