Goldman Sachs: Raises ND PAPER (02689) target price to HK$4.9, maintains "Sell" rating.

Goldman Sachs released a research report stating that ND PAPER's (02689) FY2026 results beat the bank's expectations, mainly driven by better-than-expected unit profits from paper products. The target price was raised from HK$4.3 to HK$4.9, maintaining a "Sell" rating. The bank respectively raised the company's FY2027-2028 earnings per share forecasts to RMB 0.6 and RMB 0.67, to reflect better unit profits, but still believes that industry-wide pulp-paper integration will continue to bring supply pressure, weighing on the company's pulp and paper product margin outlook.