《大行報告》高盛升五礦資源(01208.HK)評級至「買入」 上調目標價至2.2元
高盛發表研究報告指,目前全球貴金屬大宗商品中,銅的基本面表現最好,預計五礦資源(01208.HK)將能受惠於銅價上漲。
該行將2020至2022年倫敦金屬交易所銅價預測上調4%至15%,並預計精煉銅市場將在2021年出現41.2萬噸的缺口,為約15年新高。而作為擁有最大槓桿敞口的純銅生產商,高盛預計五礦資源的利潤可望在銅價上升的情況下顯著改善,估計由今年上半年的虧損1.58億美元,轉為於下半年錄得利潤約5,400萬美元,並估計明年及2022年淨利潤可達到2.8億及2.86億美元。
由於銅價上升,該行相信五礦資源自由現金流強勁,2022年淨負債比率將降至362%,將2020至2022年盈利預測上調47%至354%,目標價由1.9元升至2.2元,評級由「中性」升至「買入」。
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