We believe Hansol Paper will report higher-than-expected earnings for 1Q18 as it managed to pass on higher raw material costs (e.g., pulp) onto paper ASP. - The company’s diversified product portfolio (printing paper 40% of sales, industrial paper 30%, and specialty paper 30%) is also a factor that contributes to earnings improvement. Industrial/specialty paper margins widened on the back of growing market shares. - We raise our target price to KRW26,000, in line with ou...
- We believe Hansol Paper will report higher-than-expected earnings for 1Q18 as it managed to pass on higher raw material costs (e.g., pulp) onto paper ASP. - The company’s diversified product portfolio (printing paper 40% of sales, industrial paper 30%, and specialty paper 30%) is also a factor that contributes to earnings improvement. Industrial/specialty paper margins widened on the back of growing market shares.
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