NINEDRAGONSPAPER(02689.HK)：PULP-PAPER INTEGRATION GAINS EMERGING CAPEX NEARING COMPLETION
Ge Long Hui·2026-02-27 23:07

We estimate the remaining capex at Rmb10bn by end-3Q27, and the firm slightly raised its FY26 capex guidance to Rmb12.5bn (vs. previous guidance of Rmb11bn). The firm's gearing ratio fell 1ppt YoY to 64.7% as of end-1HFY26, marking the first decline in the past five years. Operating cash flow, capex, and free cash flow were Rmb3.3bn (down YoY due to increased receivables), Rmb5.2bn, and -Rmb1.9bn. Black paper: Linerboard and corrugated board recoveredsteadily. We estimate net profit per tonne of paper at Rm ...