G Sachs Downgrades ND PAPER, LEE & MAN PAPER to Neutral with TP Cut on Energy Cost Hike
G Sachs Downgrades ND PAPER, LEE & MAN PAPER to Neutral with TP Cut on Energy Cost Hike
G Sachs將ND紙張，Lee&MAN紙張評級下調至中性，TP因能源成本上漲而下調
Goldman Sachs downgraded ND PAPER (02689.HK) and LEE & MAN PAPER (02314.HK) from Buy to Neutral, indicating fading cost advantage under decarbonization.
Paper firms replying on coal-fired power with higher coastal exposure (e.g. ND PAPER and LEE & MAN PAPER) will see more adverse impact in the coming years, given energy cost surge and difficult cost pass-through under uneven coal cut efforts across provinces.
The broker trimmed targets of ND PAPER and LEE & MAN PAPER to $11.2 and $6.8, down from $16.5 and $9.
高盛將ND紙業(02689.HK)及Lee&MAN紙業(02314.HK)評級由買入下調至中性，顯示脱碳下成本優勢消退。考慮到能源成本飆升和成本轉嫁困難，在各省煤炭削減力度參差不齊的情況下，依靠沿海風險敞口較高的燃煤發電(如ND紙張和Lee&man紙張)的造紙商在未來幾年將面臨更多不利影響。該經紀商將ND Paper和Lee&man Paper的目標分別從16.5美元和9美元下調至11.2美元和6.8美元。