《大行報告》高盛上調招金(01818.HK)目標價至10.1元 評級「中性」
高盛發表的研究報告指,招金礦業(01818.HK)第三季淨利4.82億元人民幣,每股盈利0.147元人民幣,按年升147%;而首三季經常性溢利為8.85億元人民幣,約為該行及市場對其全年預測的83%,受惠融資成本較低表現好過預期。
截至9月底公司資產負債表仍然較緊,經調整淨負債比率達159%,但較6月底(164%)已稍有改善,經營現金流水平則按年改善175%,勢頭與淨利表現一致。雖然上半年僅完成全年目標的43%,但公司維持自身金礦產量目標在17.3噸,期望餘下季度可趕上。據公司指出海域金礦目標在年底前牌照獲批,並計劃於2022年投產,估計到2025年每年可貢獻15噸的金產量,帶動公司到2025年的整體金產量較今年增90%。
該行將公司2020-22年的盈利預測升5-14%,以反映業績的表現,並將目標價由9.5元升至10.1元,評級「中性」。(el/u) ~
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