《大行報告》瑞信下調招金(01818.HK)目標價至8.9元 維持「跑贏大市」評級
瑞信發表報告指,招金礦業(01818.HK)首季純利按年增長269%,並於去年第四季度實現收支平衡,認爲強勁的增長是由去年的低基數帶動。公司指引今年黃金產量爲28噸,去年爲23.6噸,相當於預料按年增長18.6%。
瑞信預計,聯儲局加息週期將解除對金價的懸念,並可能爲金價提供支持。同時在中國,對人民幣貶值的擔憂可能有助於支持零售需求。
該行將招金2022年、2023年、2024年的盈利預測分別作出-8.5%/-6.4%/+1.5%的修訂,以反映2022年至2024年的銷售量假設下降。目標價由9.3元下調至8.9元,維持「跑贏大市」評級。
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