GLONGHUI, September 4 | Goldman Sachs reported that it lowered the target price of Chenming Paper from HK$2 to HK$1.8. The forecast for 2023 would change from profit to decline. The original estimated profit was $0.15 per share, and the current loss was 0.3 yuan per share. It is also expected to lose $0.28 per share in 2024, maintaining its “sell-sell” rating. According to Goldman Sachs, Chenming Paper's net loss for the first half of 2023 was 688 million yuan, with a loss of 0.231 yuan per share, in line with market expectations. During the period, gross paper profit fell 54% year on year to 1.153 billion yuan, 50% lower than Goldman Sachs's expectations, mainly due to the fact that profits for all major paper products, including drawings and white card paper, fell short of expectations. Goldman Sachs expects to lower the company's net loss forecast for 2023-2025 to 788-896 million yuan, taking into account the latest performance and lower unit profit forecasts for printed paper and white card paper.
大行评级｜高盛：下调晨鸣纸业目标价至1.8港元 维持“沽售”评级
Bank Rating｜Goldman Sachs: Lowers Chenming Paper's target price to HK$1.8 to maintain “sell” rating
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