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《大行報告》瑞信:招金(01818.HK)盈利對金價最敏感 評級「跑贏大市」
瑞信發表報告指,由於美聯儲加息,美國十年期抗通賬債券(TIPS)實質息率按年急升200基點,不過金價仍保持韌性於每盎司1,739美元,按年下跌3%。 該行分析顯示,假設金價分別上升5%/10%,內地金礦企業今年的盈利料將提升3%至7%/6%至14%。而招金礦業(01818.HK)盈利對金價轉變最為敏感,主因其為純黃金礦商,而非其他的黃金加銅礦商。 該行料金價若上升5%,估計招金今年每股盈利預測可提高7%,對比山東黃金(01787.HK)及紫金(02899.HK)每股盈利預測各可提高5.1%及3.1%。該行料金價若上升10%,料招金今年每股盈利預測可提高13.9%,對比山東黃金及紫金每股盈利預測各可提高10.3%及6.3%。 瑞信對招金的投資評級為「跑贏大市」,目標價8.9元。
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