[ET Net News Agency, 20 November 2020] Daiwa Research lifted its target price for Nine
Dragons Paper (NDP) (02689) to HK$13 from HK$12 and maintained its "buy" rating.
Despite the recent volatility in share price, the research house noted that business
trends are still solid. It believes NDP is on track for a net profit of over CNY380/tonne
for 2H (versus 1H of CNY300/tonne). Hence, it views the recent dip in the share price as a
buying opportunity.
Daiwa believes sales volume will likely exceed 8.5m tonnes in 2H as the demand for
containerboard recovered sharply on recovering consumer spending and Double 11 sales. It
raised its FY2021 EPS forecasts by 4% on the stronger-than-expected net dollar margin
expansion but trimmed its FY2022-23 EPS estimates by 4-5%, given the likely cyclicality.
(KL)
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02689 ND PAPER
Nominal 
3.280 +0.080 (+2.500%) Others
20/11/2020 09:43
{I-bank focus}Daiwa ups Nine Dragons Paper (02689) to HK$13
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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