《大行報告》瑞信下調紫金(02899.HK)目標價至18元 評級「跑贏大市」
瑞信發表研究報告指,紫金礦業(02899.HK)去年純利按年增長1.4倍,符合市場預期,當中第四季純利按季下跌約6%,主要由於期內黃金及銅的每單位採礦毛利有所下降。
該行指出,紫金去年全年銷售45.7噸黃金,按年增長19.5%,雖然每單位成本穩定,但由於年內金價走軟,每單位毛利按年下降8%,同時由於全球經濟復甦和供需緊張,礦產銅銷量增長26.1%,每噸毛利增長105%,相應將2022年盈利預測上調4%,明年下調6%,預期2024年盈利可達到185億元人民幣。
瑞信指出,紫金宣派股息每股0.2元人民幣,派息比率爲34%,較2020年的49%下降,將目標價由19元下調至18元,對應今年預測市賬率的5倍及2022至2024年預測平均企業價值倍數的13倍,維持「跑贏大市」評級。
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