Goldman Sachs lifted its target price for Nine Dragons Paper (NDP) (02689) to HK$16.5 from HK$13.7 and maintained its "buy" rating.
The research house said NDP's 1H FY2021 result was above Goldman's expectation, mostly due to higher other income and lower finance cost.
It noted that NDP has completed coal-to-gas conversion for one of its boilers and plans to complete conversion for another 2-3 boilers in the next 5 years to meet the local government requirement.
Goldman revised up its earnings estimates by 7%-22% for FY2021-23 to reflect better 1H results and improving product mix from new pulp and paper capacity.
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