[ET Net News Agency, 20 January 2020] J.P. Morgan raised its target price for Nine
Dragons Paper (NDP)(02689) to HK$7.5 from HK$7 and maintained its "neutral" rating.
The research house said the share price of NPD was up 23% in 4Q 2019. JPM believes the
macro positive should have largely been priced in after the signing of Phase One deal this
week.
JPM adjusted up its FY2020 estimate by 5% to reflect the seasonally higher price in 2H
2019 but adjusted down its FY2021 estimate by 0.7% to factor in its latest view on price
and profitability in 2020. (KL)