《大行報告》大和升洛鉬(03993.HK)目標價至3.7元 重申「跑贏大市」評級
大和發表研究報告指出,藉銅價回升消息,洛陽鉬業(03993.HK)股價已自6月底大幅反彈26%,該行重申對洛鉬「跑贏大市」投資評級,因為公司最近努力在澳洲及剛果為採礦營運做準備,以應對未來的挑戰。
該行指,洛鉬在本月12日訂立金屬流交易協議,對其財務狀況有正面影響。另外,認同公司對最近銅價升勢是供應帶動的看法,但相信目前的水平仍不如公司所看到的高風險。因為該行認為因智利疫情未紓緩,以及罷工的可能性會為銅價提供進一步支持,料銅價會在第三季維持在交割延期費水平。因此該行將今年的銅價預測由原來的每噸5,800美元,上調至6,200美元。但值得注意的是,公司在澳洲Northparkes copper/gold mine(NPM)的銅生產是完全不受金屬流交易協議所影響。
該行表示,將洛鉬目標價由原來的2.9元上調至3.7元,這是基於該行上調公司2020年每股盈利預測、其更佳的資產負債表等原因。
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