《大行报告》高盛升五矿资源(01208.HK)评级至「买入」 上调目标价至2.2元
高盛发表研究报告指,目前全球贵金属大宗商品中,铜的基本面表现最好,预计五矿资源(01208.HK)将能受惠於铜价上涨。
该行将2020至2022年伦敦金属交易所铜价预测上调4%至15%,并预计精炼铜市场将在2021年出现41.2万吨的缺口,为约15年新高。而作为拥有最大杠杆敞口的纯铜生产商,高盛预计五矿资源的利润可望在铜价上升的情况下显着改善,估计由今年上半年的亏损1.58亿美元,转为於下半年录得利润约5,400万美元,并估计明年及2022年净利润可达到2.8亿及2.86亿美元。
由於铜价上升,该行相信五矿资源自由现金流强劲,2022年净负债比率将降至362%,将2020至2022年盈利预测上调47%至354%,目标价由1.9元升至2.2元,评级由「中性」升至「买入」。
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