Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Forestry & Paper: Industry Insights
Key message: Pulp prices steady. Further gains for Graphic Paper. Testliner comes under further pressure but producers are targeting a price increase of EUR 100-140/t from 1 October.
NEPI Rockcastle: 1H FY22 results and valuation update
Key message: NEPI Rockcastle displayed a sharp recovery in 1H FY22 and the upward revision to earnings guidance is encouraging. Weakened by a challenging macro picture, we think the current share price materially undervalues the portfolio and its prospects on a...
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Forestry & Paper: Textile Fibre Insights
Key message: DP price -1% m/m & +19% y/y in August, with the July-August average of USD 1,204/t up 8% q/q. Cotton down 6% w/w, while VSF is flat. Cotton is now trading at a 1% discount to VSF. Spot DP is USD 1,125/t. VSF inventory days tick up to 27.5, while the average op. rate declines further to a new low of 52%. VSF theoretical profit improves but still in the red at -USD 159/t (VSF/DWP spread -3% YTD).
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Emira Property Fund: FY22 results and valuation update
Key message: although FY22 results were stronger than we had expected, we think that Emira generally faces constrained growth conditions, particularly in its office portfolio. Current valuation is undemanding, but there are better prospects for re-rating amongst...
Resilient REIT – 1H FY22 results and valuation update
Key message: strong core performance from Resilient’s SA retail portfolio underpins its investment case and appealing earnings growth outlook, but this is fully reflected in the share price and its premium valuation relative to peers. 1H FY22 results were ahead of...
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Forestry & Paper: Industry Insights
Key message: Pulp, Graphic Paper & Containerboard prices stable. ICC Dutch TTF Gas Futures have moderated to EUR 243/MWH, from a high of EUR 346/MWH on 26 August. A EUR 10/MWH increase in natural gas prices would raise average testliner manufacturing costs by EUR10-20/t and for kraftliner by EUR 5-10/t.