<Research Report>ND PAPER (02689) rated Buy, TP HK$8 by Citi as NP expected to improve next yr

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ND PAPER (02689) rated Buy, TP HK$8 by Citi as NP expected to improve next yr

2012-06-18 11:20:46

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Citigroup noted that as ND PAPER (02689)'s management was lukewarm to outlook for the industry this year, it lowered the 2012-14 earnings forecast on the company by 15-24%, with target price cut from HK$10.5 to HK$8; yet, the stock price dropping more than 40% from its YTD high should have largely discounted this. Moreover, Citigroup expects the interest cost is likely to hit bottom during the second half of the year and should improve in the first half next year given lower interest cost unless there is worse-than-expected debt crisis in Europe; Citigroup thereby issued a Buy rating on the company. (t)

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