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CFX - Canfor Pulp Products Inc News Story

C$5.85 0.3  4.8%

Last Trade - 10/08/20

Basic Materials
Small Cap
Market Cap £218.7m
Enterprise Value £216.8m
Revenue £567.8m
Position in Universe 400th / 2678

BUZZ-Forestry: CIBC expects another disappointing quarter for most names

Fri 5th July, 2019 5:58pm
** CIBC says Wall Street estimates for wood products names
heading into Q2 are "overly-optimistic"; expects most names to
disappoint in the quarter
    ** Brokerage says its below-consensus forecasts last quarter
proved too high with Canfor coming in ~70% below Street
expectations and West Fraser Timber Co Ld  WFT.TO  missing by
40% among others
    ** In addition to weaker lumber prices in Q2, many producers
also contended with lower pulp prices and higher costs
associated with market-related downtime - CIBC
    ** Downgrades Mercer International Inc  MERCu.TO  to
"neutral" from "outperformer", PT to $17 from $22 - in line with
other pulp peers; Cuts PT of Canfor Pulp Products  CFX.TO  by
C$2 to C$15 and Hardwoods Distribution  HDI.TO  to C$15 from
    ** Most producer contacts are increasingly bearish on the
outlook for pulp prices over the remainder of 2019 given
relatively robust production globally, high global inventories
and disappointing shipment volumes to China - CIBC

 (Reporting by Shanti S Nair in Bengaluru)
 ((Reuters Messaging:
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