Glonghui, March 12 | Bank of America Securities released a report stating that Lee & Man Paper's net profit for the 2023 fiscal year fell 11% year-on-year, beating the bank's expectations by 9%. The company proposes to pay a final dividend of 6.1 cents per share, which means that the annual dividend ratio is 35%, which is slightly lower than last year's 36%. Taking into account improved profits, the bank raised its forecast for the 2024 and 2025 fiscal year by 11 and 2%, respectively, and raised the target price by 8% to HK$2.6 from HK$2.4, reaffirming its “neutral” rating. According to the report, the price and shipment volume of boxboard paper continued to be low after the Spring Festival holiday, mainly due to weak demand, high inventory in paper mills, and a drop in domestic corrugated box prices. The paper mill is currently concentrating on restocking and offering discounts on actual orders. Market sentiment is bearish on prices. The bank expects profit margins to continue to weaken in the first half of the year, but the high-margin tissue business will continue to dominate profit contributions.