《大行報告》瑞信建議藉調整吸納金礦股 首選山東黃金(01787.HK)及招金(01818.HK)
瑞信發表報告表示,建議藉調整吸納金礦股,主因黃金價格在上周的拋售中有所下降,但認為屬短暫性,在降息預期升溫,料增加黃金對投資者的吸引力,當中該行首選山東黃金(01787.HK)及招金(01818.HK),因該兩公司相對同業對金價敏感度較高。報告解釋,由1月初到2月下旬,減息預期已經顯著上升,包括市場預期到最快於4月減息,而非於2020年底才減息;市場目前預計到2020年底將有近3次減息機會,而在一月初時預計年內只會減息一次。該行指,目前山東黃金及招金現價相當於今年預測市盈率18倍及22倍,而市帳率分別為2.4及2倍,大約高於歷史均值一個標準差,而股本回報率則是平均水平之上,因此重申「跑贏大市」評級,目標價分別為26元及11.7元。
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