启顺造纸 原料价低赚幅增

目标价：69仙

最新进展

启顺造纸（NTPM，5066，主板消费产品股）截至2013年4月30日末季净利和营业额，分别报1282万7000令吉和1亿1966万1000令吉，按年增长8.57%和3.49%。

公司同时宣布，派发每股1.45仙的单层中期股息。

行家建议

启顺造纸全年净利和营业额，分别按年上扬9.6%和6.8%，整体销售额也受惠于个人护理产品（特别是婴儿纸尿片）销量提高，录得按年飙涨37.9%的佳绩。

尽管纸张产品销售量因为纸巾出口量减少而走弱，但全年个人护理和纸张产品赚幅较去年高。

我们认为，赚幅提高因为原料价格走弱，且产品售价按年上扬5.9%。

另外，启顺造纸全年派发2.9仙股息，符合我们的预期。

由于业绩表现符合预期，我们将维持评级和目标价。

分析：兴业研究 

啟順造紙業可否長期投資？

可麗詩問：

請問消費股啟順造紙業（NTPM，5066，主板消費品組）值得長期持有嗎？本人是一名新手，為何該股的股價沒有很大的起幅或跌幅？本人想長期投資這只股。

答：以下資料供你參考：基於原料價、雇員和水電消費走高，啟順造紙業首9個月淨利挫18.5%至3千300萬令吉，營運賺幅也走疲3.6%到13.7%。

該公司第三季表現符合僑豐研究預期，但因淨利和營運盈利受挫，僑豐對這支股的看法“中和”，目標價為55仙，2012和2013財政年淨利預測各為4千190萬和4千720萬令吉。

欠缺催化劑

這只股起伏不大，可能因欠缺催化劑，加上業績未帶來驚喜。你是股票新手，也是長期投資者，一般建議放眼基本面好、收益穩定、業績優良、具優勢和特色的優質股。（星洲日報／投資致富‧投資問診室）

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NTPM 启顺造纸业 (5066)

NTPM HOLDINGS BERHAD
No.886, Jalan Bandar Baru,
Sungai Kecil, 14300 Nibong Tebal,
Penang

Telephone: +6 04 593 1296 / +6 04 593 1326
Toll Free: 1 800 88 3939 (Monday to Friday; 9am till 5pm only)
Fascimile: +6 04 593 3373
Email: marketing@ntpm.com.my

Listing Date: 25.04.2003
Par Value: 0.10

Market: MAIN
Sector: CONSUMER
Major Industry: PAPER & FOREST PRODUCTS

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NTPM HOLDINGS BERHAD is a Malaysia-based company engaged in investment holding and provision of management services. The Company operates in two segments: manufacturing, which is engaged in the manufacturing of paper products, such as toilet rolls, tissues, serviette and personal care products, such as sanitary products, and trading, which is engaged in the trading of paper, cotton, diapers and sanitary products. The Company’s subsidiaries include Nibong Tebal Enterprise Sendirian Berhad, Nibong Tebal Paper Mill Sdn. Bhd., Nibong Tebal Personal Care Sdn. Bhd., Nibong Tebal Logistics Sdn. Bhd. and Nibong Tebal IT Sdn. Bhd. On November 24, 2008, NTHB incorporated a wholly owned subsidiary, Nibong Tebal Paper Products Sdn Bhd (NTPP).