高盛首予俄铝(0486.HK)“买入”评级目标价4.3港元
高盛发表研究报告,首予俄铝(00486.HK)“买入”投资评级,目标价4.3港元。该行对铝价预期正面,料未来12个月铝价将上升12%;俄铝对铝价复苏敏感度高;并认为俄铝盈利势头强劲,料2019至2022年间三年,其美元计税息折旧及摊销前盈利(EBITDA)年均复合增长达16%,EBITDA利润率料由2019年的12.3%扩大至2022年的16.9%,以及债务去杠杆。

报告指,由于宏观环境(铝价下跌及卢比升值)及首季业绩令人失望,俄铝股价自今年2月高位累跌约14%,但形成了吸引的买入机会。高盛认为,俄铝现股价仅相当於今年预测企业价值对EBITDA倍数约4.6倍,估值并不高。该行认为公司的短期催化剂为第二季业绩表现,预期EBITDA按季反弹53%。
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