According to Zhitong Finance APP, Citi released a research report stating that it maintains its profit forecast for ND PAPER (02689), but lowers its Target Price from HKD 4.3 to HKD 3.7, believing that there are limited opportunities for profit improvement under the current environment. The bank expects that the four major paper companies in the mainland will continue to expand production capacity despite low profitability, as companies are more likely to obtain licenses in provinces or cities in China. The bank maintains a 'Neutral' rating on ND PAPER and LEE & MAN PAPER (02314).