DHC [OUTPERFORM +17.8%] - First signs of recovery in paper prices - Update
  • 2023-11-07T00:00:00
  • Company Research

- We reiterate our OUTPERFORM rating for DHC despite increasing our target price by 4%. 

- The primary reason for the increase in our target price is extending our target price horizon from mid-2024 to end-2024. This is partly offset by cuts to our 2023/24F NPAT-MI of 17%/4%, respectively, while we maintain our 2025F NPAT-MI unchanged. 

- We cut our projected paper ASP and carton box sales volume for 2023-2024F as we forecast a slower recovery in packaging paper demand in accordance with export activities and domestic consumption.


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