瑞銀:首予贛鋒鋰業(1772.HK)“買入”評級 目標價16.8港元
瑞銀髮表研究報告,首予贛鋒鋰業(01772.HK)“買入”評級,目標價16.8港元。該行對鋰價前景感審慎,但相信贛鋒鋰業強勁的銷量增長、轉換成本低及控制上游資源將減低定價壓力,同時亦預料公司可受惠鋰輝石價格進一步調整。
報告指,當鋰化合物的價格重回成本主導為基礎,市場將轉為關注公司盈利增長。該行相信贛鋒鋰業盈利於今明兩年走出谷底,現價相等於2020年預測市淨率(P/BV)為1.7倍,以及預料2020年至2022年股本回報率為13%,低於環球主要同業的平均2.1倍及15%,意味着被市場低估。
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