大行报告 | 高盛升江铜目标价至19.6元,纯利胜预期
高盛发表报告表示,江西铜业股份(00358.HK)去年纯利按年跌9%至22.28亿元人民币,撇除一次性项目及商品衍生工具公允值亏损,经常性纯利按年升35%至39.84亿元人民币,远胜市场及该行预期,主因铜业务收入高於预期。
该行称,江西铜宣派每股末期息10分人民币,意味派息比率按年扩2个百分点至16%。该行料江铜续受惠於铜价上升,并认为H股现估值吸引,相当於今明两年预测市盈率11倍,低於历史均值17倍。
高盛下调江西铜今明两年盈测介乎4%至6%,以反映对其业绩及金价预测下调,并维持予其H股「买入」评级,目标价由18.5元升至19.6元。
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