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《大行報告》大和升洛鉬(03993.HK)評級至「跑贏大市」 目標價上調至2.9元
阿思達克 06-30 11:45
大和發表研究報告,指LME銅價在6月26日收報每噸5,985美元,是自2月以來的高位,因應世界最大生產商智利Codelco供應減少,相信洛鉬(03993.HK)盈利可以受惠銅價反彈,評級由「持有」升至「跑贏大市」,目標價由2.3元升至2.9元。

智利礦業部部長預期今年該國銅出產量因疫情影響而錄3.5%下降,故該行將2020-22年每噸銅價上調至分別每噸5,800美元、6,000美元及6,000美元,以反映短期供應緊張,和基建復甦。

該行表示,洛鉬股價受鈷的影響,因應Tesla近期與Glencore就鈷的供應達成協議後,公司股價上升7%,但對鈷價仍維持悲觀,因Glencore過去兩年並無任何可以左右鈷價協議,而長遠亦需留意磷酸鋰鐵電池(LFP)的表現。

該行指,公司首季表現勝預期,但仍有兩項不能忽視之因素,包括旗下IXM今年的後續表現,以及巴西延後稅項,令公司首季錄2.84億元人民幣收入。

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