[ET Net News Agency, 20 January 2020] J.P. Morgan lifted its target price for Lee & Man
Paper Manufacturing (L&M)(02314) to HK$5 from HK$4.5 but downgraded its rating to
"underweight" from "neutral".
The research house said the share price of L&M was up 39% in 4Q 2019. JPM believes the
macro positive should have largely been priced in after the signing of Phase One deal this
week.
Despite the recent rebound in profitability, JPM expects L&M's 2H 2019 earnings to
fall more than 10%. While this means that its FY2019 earnings will likely be roughly in
line with consensus, JPM believes the market has not priced in that 2020 profitability
will continue to drop. (KL)
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02314 LEE & MAN PAPER
Nominal 
2.310 +0.010 (+0.435%) Research Report
20/01/2020 17:53
{I-bank focus}JP Morgan ups Lee & Man Paper (02314) to HK$5
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