2019年2月财报季预览.pdfVIP

Paper & Packaging Deutsche Bank Research Australasia Industry Date Australia Paper & Packaging 1 February 2019 Paper & Packaging Results February 2019 rep rting seas n preview Mark Wils n, CFA Packaging results t be mixed (in-line t slightly disapp inting), h wever, expectati ns are quite l w and raw material c sts are easing Research Analyst We expect the results f the Packaging c mpanies in the upc ming rep rting +61-2-8258-1564 peri d t be mixed with Amcor and Pact Gr up br adly meeting market expectati ns, h wever, Or ra c uld marginally disapp int given challenging T p picks c nditi ns in N rth America. We expect Amcor t reiterate its full year earnings Amcor Ltd (AMC.AX),AUD13.68 Buy guidance f r c nstant currency earnings gr wth, h wever, we remain f the view Pact Gr up (PGH.AX),AUD3.85 Buy that the pr p sed Bemis acquisiti n (delayed t the June quarter) will be the key Source: Deutsche Bank driver f the share price. We expect Pact c uld upgrade its full year earnings C mpanies featured guidance t reflect easing raw material c sts in b th USD and AUD. While this Amcor Ltd (AMC.AX),AUD13.68 Buy w n’t benefit first half earnings, it sh uld certainly benefit the sec nd half. We 2018A 2019E 2020E have Buy ratings n Amcor and