[ET Net News Agency, 2 October 2018] Morgan Stanley lowered its target price for Lee &
Man Paper Manufacturing (02314) to HK$7.7 from HK$11.1, and downgraded its rating to
"equal-weight" from "overweight".
The research house adjusted its EPS forecasts by 8%/-3%/-16% respectively in 2018-20 to
reflect soft paper demand in peak season and raising cost from import control of raw
materials.
Morgan said the strict import ban on waste paper has raised raw material costs
significantly. (KL)