2023 began on a weak note, with the Q1 results missing street expectations. Normalisation in legacy paper was glaring but inevitable. While there were some vulnerabilities in non-legacy paper divisions as well, their underlying dynamics remain reassuring. Also, with sustained dominance in legacy paper, UPM could capitalise any further shortages, besides pursuing further opportunistic curtailments/conversions. UPM remains our top sector-bet, also thanks to its cost optimisation capabilities, stro ....
