Core Viewpoint - Bank of America Securities reports that Lee & Man Paper's net profit after tax for the first half of the year increased by 7% year-on-year to HKD 811 million, achieving 56% of the bank's full-year forecast [1] Financial Performance - The company declared an interim dividend of HKD 0.066, with a payout ratio of 35%, consistent with historical levels [1] - The sales volume of packaging paper reached 2.97 million tons, a year-on-year increase of 1% [1] - The sales volume of tissue paper was 521,000 tons, reflecting a year-on-year increase of 16% [1] Profitability - The net profit per ton for packaging paper remained stable at HKD 105 [1] - The net profit per ton for tissue paper exceeded expectations, reaching HKD 960, and has consistently maintained around HKD 1,000 since the second half of 2023 [1] Forecast Adjustments - Based on better-than-expected profit margins in the first half, the bank raised Lee & Man Paper's earnings forecasts for the next two years by 16% and 3% respectively [1] - The target price was increased from HKD 2.7 to HKD 3.2, with a reiterated "buy" rating [1]
大行评级｜美银：上调理文造纸目标价至3.2港元 重申“买入”评级