《大行報告》瑞銀:通脹憂慮下資源股乏催化劑 籲留意估值落後股
瑞銀發表研究報告,指由於商品價格通脹引發對政府干預的憂慮,鋼、鋁及銅價按周顯著下跌,只有紙板及水泥銷售均價上升。材料投資者似乎輪轉至電動車電池增長故事。因此,電池材料股表現最佳,按周升16%。鋼鐵股挫3%領跌,另水泥、銅及煤股回調約2%。
報告稱,板塊風險回報難以清晰界定,特別是金屬。短期三大因素或持續為行業逆風,包括大部分金屬迎來夏季淡季;政府及央行平抑價格舉措;市場憂慮商品價過高影響下游需求。因此,認為沒有催化劑支持材料板塊強勁走勢,即使現時商品價格高企意味次季商品股盈利強勁,亦應已廣為市場預期。
瑞銀表示,美國及國際鋼價仍遠高於中國鋼價。在憂慮政府干預下,鋼、銅、鋁及煤價均有一定程度調整。展望未來顛簸前路,相信投資者將留意估值落後股(估值低於帳面值的鋼、煤股)。相關股份投資評級及目標價見另表。
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