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《大行報告》高盛降五礦資源(01208.HK)評級至「中性」 目標價削至2.2元
阿思達克 12-20 10:43
高盛發表報告,將五礦資源(01208.HK)股份評級由「買入」降至「中性」,目標價由7.4元大幅下調至2.2元,並調低集團今年至2023年盈利預測35%至68%,以反映產量/銷量下降,及秘魯礦山「Las Bambas」的營運更具挑戰。 高盛解釋,礦山Las Bambas料潛在獲得較少政府協助以解決堵路問題,在新總統選舉後面對更長干擾;Las Bambas擴張計劃許可申請被押後,未有獲批時間表;新一屆秘魯政府正討論增加礦業稅。因此,考慮最近數個月生產狀況,未獲擴張許可,料堵路延長下明年庫存持續增加,該行下調Las Bambas在2021至2023年銷量預測6%至31%,以反映預測70%生產運行率。 現目標價相當於明年預測市賬率1.1倍,屬歷史均值範圍低端,意味現股價已大致反映產量下行風險。
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