野村:升洛鉬(3993.HK)評級至買入 料IXM能帶來更多貢獻
野村發表研究報告指,洛陽鉬業(3993.HK)今年首季業績強勁,純利按年上升39%至4.48億元人民幣,主要由於成本控制嚴格及收購全球知名金屬貿易商IXM所得的貢獻。該行將其H股評級由“中性”調升至“買入”,目標價則維持於3.3港元不變。
野村表示,洛陽鉬業管理層認為,可以藉着新冠肺炎疫情為減省成本的機會,把三年成本目標削減5億美元。另外,野村預期,收購IXM對洛陽鉬業的財務有利,料本財年能為洛陽鉬業帶來40%的毛利。
野村又指,鈷價在疫情下相對有彈性,洛陽鉬業亦在今年首季減產32%,相信未來的供應會為鈷的價提供強大的下行支撐。

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