
【研究报告内容摘要】EventPerourupdatedanalysisofnewcontainerboardprojectsinChina(Fig13)weexpectnetsupplygrowthtoslowdownto~3-4%in14-16Evs.6-12%in2011-13andthusutilizationtoriseto88%in16Efrom82%in2013.Weforecastcontainerboardpricetorecoverby+1%/5%in14/15E.WecutLee&Man’s14/15EEPSby9%/10%andTPtoHK$5.5basedon1.4x2014/15EblendedBVPS.WealsolowerNineDragon’s2014/15EPSby1-6...