Morgan Stanley expects ND PAPER's performance to be stable this year, rating it "in line with the market."

AASTOCKS
2026.01.29 03:13

Morgan Stanley's research report indicates that ND PAPER (02689.HK) is expected to see a net profit increase of 216% year-on-year in the first half of 2026, reaching between RMB 2.15 billion and 2.25 billion, slightly higher than the bank's forecast of RMB 2 billion, overall roughly in line with expectations.

The bank predicts that the group's performance for the full year of 2026 will be stable, with the first half being a traditional off-peak season for paper manufacturers, which may imply a slight correction in paper prices during this period. However, Morgan Stanley believes that the group's optimized product structure and better cost performance should help buffer the impact of the slowdown in demand during the off-peak season, thus ensuring stable profitability for the group throughout the year.

Morgan Stanley sets a target price of RMB 6 for ND PAPER, with a rating of "in line with the market."

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