Daiwa Raises ND Paper Target Price to HK$5.7, Maintains "Hold" Rating

Deep News

Sep 26

Daiwa released a research report stating that ND Paper (02689) has benefited from cost advantages brought by rapidly growing internal pulp supply. In the second half of the fiscal year (ending June 2024), the company's per-ton paper profit improved to RMB 127, significantly higher than RMB 31 in the first half and RMB 53 in the second half of fiscal 2024.

The firm raised its earnings per share forecasts for ND Paper's fiscal years 2026 and 2027 by 22% to 37%, and increased the target price from HK$5.0 to HK$5.7, while maintaining a "Hold" rating based on fair value considerations.

Looking ahead to fiscal 2026, management expects average prices to stabilize and continue improving per-ton paper profitability. However, the firm noted that while ND Paper's visibility has improved, the current price-to-earnings ratio for fiscal 2026 stands at 10 times, approaching the high end of the 10-year average. Therefore, it recommends investors wait for better entry opportunities.

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In the second half of the fiscal year (ending June 2024), the company's per-ton paper profit improved to RMB 127, significantly higher than RMB 31 in the first half and RMB 53 in the second half of fiscal 2024.</p>\n<p>The firm raised its earnings per share forecasts for ND Paper's fiscal years 2026 and 2027 by 22% to 37%, and increased the target price from HK$5.0 to HK$5.7, while maintaining a \"Hold\" rating based on fair value considerations.</p>\n<p>Looking ahead to fiscal 2026, management expects average prices to stabilize and continue improving per-ton paper profitability. However, the firm noted that while ND Paper's visibility has improved, the current price-to-earnings ratio for fiscal 2026 stands at 10 times, approaching the high end of the 10-year average. Therefore, it recommends investors wait for better entry opportunities.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Daiwa Raises ND Paper Target Price to HK$5.7, Maintains \"Hold\" Rating</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDaiwa Raises ND Paper Target Price to HK$5.7, Maintains \"Hold\" Rating\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2025-09-26 14:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Daiwa released a research report stating that ND Paper (02689) has benefited from cost advantages brought by rapidly growing internal pulp supply. In the second half of the fiscal year (ending June 2024), the company's per-ton paper profit improved to RMB 127, significantly higher than RMB 31 in the first half and RMB 53 in the second half of fiscal 2024.</p>\n<p>The firm raised its earnings per share forecasts for ND Paper's fiscal years 2026 and 2027 by 22% to 37%, and increased the target price from HK$5.0 to HK$5.7, while maintaining a \"Hold\" rating based on fair value considerations.</p>\n<p>Looking ahead to fiscal 2026, management expects average prices to stabilize and continue improving per-ton paper profitability. However, the firm noted that while ND Paper's visibility has improved, the current price-to-earnings ratio for fiscal 2026 stands at 10 times, approaching the high end of the 10-year average. Therefore, it recommends investors wait for better entry opportunities.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999014674.SGD","symbol_name":"Nikko AM All China Equity A SGD","start_time":0,"source_url":"","article_id":"1101267762","we_media_id":"1039043262","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1101267762","pubTimestamp":1758868832,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Deep News","introduction":"Global Stock Market Deep Analysis","home_visible":1,"id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"summary":"Daiwa released a research report stating that ND Paper (02689) has benefited from cost advantages brought by rapidly growing internal pulp supply. 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In the second half of the fiscal year (ending June 2024), the company's per-ton paper profit improved to RMB 127, significantly higher than RMB 31 in the first half and RMB 53 in the second half of fiscal 2024.\nThe firm raised its earnings per share forecasts for ND Paper's fiscal years 2026 and 2027 by 22% to 37%, and increased the target price from HK$5.0 to HK$5.7, while maintaining a \"Hold\" rating based on fair value considerations.\nLooking ahead to fiscal 2026, management expects average prices to stabilize and continue improving per-ton paper profitability. However, the firm noted that while ND Paper's visibility has improved, the current price-to-earnings ratio for fiscal 2026 stands at 10 times, approaching the high end of the 10-year average. 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