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Nomura ups Nine Dragons Paper (02689) to HK$21

  Nomura lifted its target price for Nine Dragons
Paper (02689) to HK$21 from HK$19, and reiterated its "buy" rating.
  The research house revised up its earnings revisions to factor in much 
stronger-than-expected 1H FY2018 results and stronger CNY appreciation against USD.
Overall, it increased its FY2018 full-year EPS estimate by 7%.
  Nomura shared management's view of a positive outlook in 1H 2018 with potential
continuing increases in ASP and Old Corrugated Containers (OCC). The company just
announced an ex-factory price increase of a CNY200/tonne for its products this week.
  Nomura expects more hikes to come when most of the company's factories start operation 
in early March 2018 after the Chinese New Year holidays and when the quality control 
measures on imported recovered paper become effective on 1 March 2018, as it may drive up
the price of China domestic OCC.

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