Citic: raised Lee & Man Paper target price to HK$4.8, raised earnings estimates for 2026 to 2028.

According to the Wise Wealth APP, Citigroup released a research report stating that Lee & Man Paper Manufacturing Limited (02314.HK) announced a profit increase, with an expected 64% to 71% year-on-year increase in net profit in the first half of the year. The mid-term performance was stronger than expected, resulting in a 22% to 28% increase in profit forecast for 2026 to 2028, with the target price raised from HK$4.3 to HK$4.8. The rating remains "buy". Citigroup predicts a strong profit recovery of about 33% for Lee & Man Paper this year, with an average annual compound growth rate of 14% for profits between 2026 and 2028. They believe more paper companies will establish pulp facilities this year and develop a vertical integration model to enhance profitability. Overall, they hold a slightly positive outlook on Lee & Man Paper.