Lee & Man Paper (02314) fell more than 4% in the day, and as of press time, it fell by 2.5% to HKD 2.34, with a turnover of HKD 6.7622 million.
According to the Zhitone Finance APP, Lee & Man Paper (02314) fell more than 4% in the day, and as of press time, it fell by 2.5% to HKD 2.34, with a turnover of HKD 6.7622 million.
Lee & Man Paper released its six-month results ending June 30, 2024. The group generated revenue of HKD 12.505 billion, a YoY increase of 2.44%; ordinary shareholders' net profit was HKD 0.76 billion, a YoY increase of 146.88%; and it plans to distribute an interim dividend of 6.2 HK cents per share. Citigroup research report downgraded Lee & Man Paper from "buy" to "sell", and slashed its target price by more than half from HKD 3.8 to HKD 1.8. Citigroup pointed out that the company's stock price has risen 20% since the beginning of January this year, reflecting a strong profit recovery; the sluggish domestic consumption and consumption downgrading in the first half of the year increased the risk of profit decline; packaging paper has continued to be imported from Southeast Asia to China, increasing the profit pressure on mainland companies. The bank lowered Lee & Man Paper's profit forecast for 2024 to 2026 by 17% to 40%. Lee & Man Paper's first-half profit recovery is consistent with previous profit expectations. There were no surprises in the results.
Citigroup pointed out that the company's stock price has risen 20% since the beginning of January this year, reflecting a strong profit recovery; the risk of profit decline has increased due to sluggish domestic consumption and consumption downgrading in the first half of the year; packaging paper has continued to be imported from Southeast Asia to China, increasing the profit pressure on mainland companies. The bank lowered Lee & Man Paper's profit forecast for 2024 to 2026 by 17% to 40%. Lee & Man Paper's first-half profit recovery is consistent with previous profit expectations. There were no surprises in the results.