《大行報告》大和下調洛鉬(03993.HK)目標價至6.5元 評級「跑贏大市」
大和發表報告指,洛陽鉬業(03993.HK)上半年純利按年增長18%至24億元人民幣,表現符合預期。而集團管理層在業績後路演上預期,於2020年至2025年鈷供應的增長,將會較需求年均複合增長12%為慢,估計鈷價會維持在目前高水平。
管理層又提到,集團持續尋找新能源物料行業的收購機會,但因鎳和鋰價格處上升周期,若現時進行此類收購,將打破集團撈底的原則。
大和維持洛鉬股份「跑贏大市」評級,不過目標價由7.6元降至6.5元,以反映該行預期鈷及銅的上升周期即將完結。該行估計,由於大宗商品價格回落,集團明年盈利將按年下跌7%,但2023年則會因產能增加而按年增長34%。
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