[ET Net News Agency, 14 August 2019] Citi Research lowered its target price for Lee &
Man Paper Manufacturing (L&M)(02314) to HK$4.3 from HK$5.3 and maintained its "neutral"
rating.
The research house said L&M's 1H earnings fall was slightly lower than Citi's forecast.
However, the net dollar margin of tissue fell YoY and HoH which was a negative surprise
though the margin on containerboard was slightly higher than expected.
During the analyst briefing, L&M estimated the total market demand shrinking by 25% over
1H. Citi expects the containerboard margin will continue to fall sequentially during 2H
amid growing US-CN trade tension and China macro slowdown.
It cut its EPS forecasts by 10-25% in 2019-21. (KL)
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02314 LEE & MAN PAPER
Nominal 
2.290 -0.100 (-4.184%) Others
14/08/2019 17:28
{I-bank focus}Citi cuts Lee & Man Paper (02314) to HK$4.3
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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