麥格理:首予紫金(2899.HK)“跑贏大市”評級 目標價4.3港元
麥格理髮表報告表示,在中美貿易關係紓緩以及潛在中國銅產量減少下,短期而言預期銅價會復甦,且對銅價中期前景感樂觀,因此首予紫金礦業(02899.HK)“跑贏大市”評級及目標價4.3港元。
該行又指,預計紫金未來三年銅/金產量年複合增長率分別為24%及10%,主因其新礦場投產及進行更多國際併購等帶動。
麥格理稱,紫金早前增發A股集資80億元人民幣,將有助紓緩其債務壓力,2019至2021年淨負債率有望降至介乎50%至58%,且隨更多新項目投產後,經營現金流亦料得以改善。

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