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《大行报告》大摩料中资黄金股可续跑赢大市 升紫金、招金及山东黄金目标价
阿思达克 08-06 14:06
大摩发表的研究报告指,仔细研究金矿企业的上行潜力,虽然由於近期收购的项目仍在等待批核,故未反映在估算上,但认为增长前景仍会带动股价进一步反弹,认为中资黄金股在国际并购活动上仍会维持活跃,特别是山东黄金(01787.HK)及紫金(02899.HK),两家公司在海外营运及合作均有经验,加上以人民币计金价升势更强,按年升约27%,而美元计金价则升25%,内地金价亦较历史高位高9%,估计中资黄金股可继续跑赢大市。

该行的团队认为疫情导致全球衰退,估计将为股市的盈利能力带来长远影响,而其商品团队估计2021年在较「牛」的情况下金价为每盎司2,010美元,虽然今年以来金价已升28%,但留意到黄金ETF的资产总值已增长39%至184亿美元,认为资金流入相关ETF将为额外推动国际金价。而山东黄金产量已是全球第十一大,但仍未被纳入GDM指数,假如获纳入将成股份的催化剂。

该行认为招金矿业(01818.HK)及紫金为该行首选,而山东黄金在较「牛」的情况下则有最多上行空间。随着金价接近其较「牛」的情景,将三家公司目标价上调。该行已考虑到长远产量增长及近期收购的资产,予招金及紫金「增持」评级,招金目标价由10.9元升至11.98元,紫金目标价由3.89元升至5.1元,而山东黄金评级「与大市同步」,目标价由18.23元升至24.45元。(el/u) ~

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