《大行报告》摩通上调五矿资源(01208.HK)目标价至5.2元 评级「增持」
摩根大通发表报告表示,五矿资源(01208.HK)去年度录得净亏损6,500万美元,略差过市场及该行预期,不过据该行渠道调查,其下游营运复苏快过正常速度,目前已达到农历新年前之70%至80%;同时为了满足大量订单,一些工厂在春节假期期间没有停产,大多数民工遵循政府的政策留在城市。
报告称,即使五矿资源近期股价上升,但仍为内地铜相关板块中估值最低,仅相当於2020财年企业价值对2021财年EBITDA预测约6倍,低於紫金(02899.HK)及洛钼(03993.HK)的分别14及17倍。该行上调其2021年度盈利预测7%,以反映上调铜价预测,加上Kinsevere於新铜及钴扩张计划或成为未来的增长动力;以现金流折现率计,目标价由4.4元升至5.2元,维持「增持」评级。
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