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Citi lifts Nine Dragons Paper (02689) to HK$25
Citi Research raised its target price for Nine Dragons Paper (NDP)(02689) to HK$25 from HK$23,
and maintained its "buy" rating.
  The research house said NDP's FY2017 core earnings were up 68.1% yoy to Rmb4.765bn,
stripping out the FX impact, and was ahead of its earlier profit alert and Citi's
expectation of Rmb4.5bn.
  Citi raised its earnings forecasts by 7-8% for FY2018-19. In view of China's recent
reduction of import OCC (recycled paper) quota, the net dollar margin would more than
double sequentially to Rmb580/t in 3Q 2017 from Rmb280/t in 2Q 2017. This would put the 3Q
margin close to an all-time high of Rmb613/t in FY2017.

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