《大行報告》麥格理升中鋁(02600.HK)評級至「跑贏大市」 目標價上調至3.4元
麥格理發表研究報告指,鋁價上漲推動中鋁(02600.HK)利潤率提高,氧化鋁價格穩定,加上公司正在進行新項目以提升鋁及氧化鋁產量,認為現時估值較低,將評級上調至「跑贏大市」。
該行估計,氧化鋁及鋁平均售價每變動1%,將影響中鋁2021年稅後淨利潤的約2.4%及9.5%,假設鋁價保持在每噸約1.65萬元人民幣水平,預期2021財年盈利可能有超過130%的上升空間,而估值亦可升90%以上。
麥格理將2021至2022年鋁價預測提高10%及 8%,至每噸1,900美元及1,863美元,預計由於第一季庫存的低基數及第二季旺季需求,內地鋁價明年上半年將保持強勁。該行並將2021至2022年氧化鋁價格預測提高至每噸276美元及283美元,分別按年升3%及2%。相應地將中鋁2020至2022年每股盈利預測提高18%至77%,將目標價由1.8元升至3.4元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.