本文发表在 rolia.net 枫下论坛Pan Asia Paper Co. (PAPCO), the 50/50 joint venture between ABY and Norske Skog,
announced that it will partner with Hebei Longteng Paper Corp. (HLPC) to build a 330,000 tpy
recycled newsprint mill in China. The mill will be owned 65% by PAPCO and 35% by HLPC.
The cost of the project is expected to be US$300mm (US$910/tonne) - this is higher than
ABY's current EV/tonne multiple of US$805/tonne, but is still reasonable in the context of the
expected low cost structure at the new mill. PAPCO's equity stake in the new mill will be
US$70mm - the remaining debt used to finance the mill will be non-recourse to ABY.
Construction will start in Q4/03, with a projected start-up in Q3/05. This is viewed as a positive
move for ABY - the capital outlay is minimal and the project provides increased exposure to
one of the few high-growth markets for newsprint in the world. Given ABY's share of the North
American market, domestic expansion options are limited. No change to our BUY
recommendation or $12.50 target.更多精彩文章及讨论,请光临枫下论坛 rolia.net
announced that it will partner with Hebei Longteng Paper Corp. (HLPC) to build a 330,000 tpy
recycled newsprint mill in China. The mill will be owned 65% by PAPCO and 35% by HLPC.
The cost of the project is expected to be US$300mm (US$910/tonne) - this is higher than
ABY's current EV/tonne multiple of US$805/tonne, but is still reasonable in the context of the
expected low cost structure at the new mill. PAPCO's equity stake in the new mill will be
US$70mm - the remaining debt used to finance the mill will be non-recourse to ABY.
Construction will start in Q4/03, with a projected start-up in Q3/05. This is viewed as a positive
move for ABY - the capital outlay is minimal and the project provides increased exposure to
one of the few high-growth markets for newsprint in the world. Given ABY's share of the North
American market, domestic expansion options are limited. No change to our BUY
recommendation or $12.50 target.更多精彩文章及讨论,请光临枫下论坛 rolia.net