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《大行報告》瑞銀首予洛陽鉬業(03993.HK)「中性」評級 目標價6.6元
阿思達克 08-19 15:42
瑞銀發表研究報告,首予洛陽鉬業(03993.HK)H股「中性」評級,以現金流折現率計,目標價6.6元。該行指洛鉬今年來自銅及鈷的毛利料各佔半,並預期洛鉬2020至2025年間銅及鈷產量年均複合增長率分別達22%及28%。該行亦喜好管理層有決心自併購項目取得穩固回報(11%至24%)。 報告補充,料鈷價具韌性、銅及鈷產量增加將帶動集團收入。瑞銀預期商品價格受中國物業施工周期強勁需求、以及全球新能源車增長所支持,但由於疫情及銅及鈷出口國家政局風波所影響,供應並不充裕。受惠持續擴張產能及收購,料洛鉬銅及鈷產量將有可觀增長。 該行料洛鉬2021至2023年各年每股盈測分別24分、16分及13分人民幣。
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