《大行報告》匯豐研究首予中鋁(02600.HK)「減持」評級 目標價3.4元
匯豐研究發表研究報告,首次給予中國鋁業(02600.HK)「減持」評級,指出雖然內地能源轉型帶動需求增長,但由於內地建築活動放緩抵銷相關利好因素,預計鋁價將下跌。
該行預計,內地限電將導政明年鋁供應維持緊張,但同時鋁出口減少及廢料用量增加,鋁價料將回復正常,並在2022至2023年降至每噸2,350美元及2,100美元,預計鋁價每變動1%將影響中國鋁業的2022年盈利5%。該行給予目標價3.4元,對應2022年預測市賬率約0.6倍,較現價低約一成,認爲中鋁近期缺乏股價催化劑,而且海外投資將持續。
匯豐研究並預測中鋁盈利水平今年將見頂,2022至2023年料逐步下降,由於該行對鋁價預測較市場低,該行對中鋁2022至2023年盈利預測亦較市場預期低出介乎7%至57%。
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