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UBS ups Nine Dragons Paper (02689) to HK$19.07
UBS Global Research raised its target price for Nine Dragons Paper (NDP)(02689) to HK$19.07
from HK$13.37 on higher ASP and profitability assumptions, and maintained its "buy" rating.
The research house sees further upside for NDP, driven by rising ASPs in the near term 
and longer-term industry supply and demand improvements. UBS expects NDP's net profit/ton
to increase in 4Q, with peak season demand and potentially further production disruptions.
  Longer term, it expects continued improvements in industry supply and demand dynamics
(FY2018-20), lifting industry capacity utilization. Moreover, a more consolidated market
could enhance NDP's pricing power to sustain its profitability.
  UBS lifted its FY2017-19 EPS forecasts by 7-28% thanks to stronger pricing power.

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