Lee & Man Paper 2314

Re: Lee & Man Paper 2314

Postby winston » Mon Aug 28, 2017 10:29 am

Tissue paper business still delivering

Tissue paper business shaping up to be a strong profit driver
No new capacity additions announced; positive for industry dynamics
Raising TP to HKD9.50; reiterating Outperform (2)

We raise our 2017-19E EPS by 1-19% after adjusting our margin assumptions.

We raise our 12-month target price to HKD9.50 (from HKD8.50), based on an unchanged 10x PER (roughly 10% below our target multiple for NDP) applied to the average of our nowrevised
2017- 18E EPS.

We reiterate our Outperform (2) rating.

Key risk: a sustained rise in raw-material prices.



Source: Daiwa

http://asiaresearch.daiwacm.com/eg/cgi- ... pdf#page=1
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Lee & Man Paper 2314

Postby winston » Wed Sep 13, 2017 9:11 am

Aug 22, 2017

not vested

<Research Report>JPM Lifts LEE & MAN PAPER (02314.HK) Target to $13; Rated Overweight

JPMorgan, in its report, said LEE & MAN PAPER (02314.HK) reported 1H17 results with sales and net profit beating estimates

The broker lifted its sales estimate following 1H17 outperformance as well as the fact that the price of containerboards surged in China since the end of May.

The broker expected strong pricing and margins during the peak demand period July to November.

JPMorgan increased FY17 GPM by 1.1 ppts to 26.3%. It appears the broker expected margins to remain high until new capacity comes through after FY18.

The broker lifted target price from $12.1 to $13 as a result of the earnings revisions.

Rating was Overweight.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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