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《大行報告》匯豐環球研究降洛鉬(03993.HK)及五礦資源(01208.HK)評級至「持有」 下調資源股目標價
匯豐環球研究發表報告,在經歷強勁的反彈後,金屬價格過去幾個月走勢受壓,鋁價和銅價格由今年3月的最高位累跌約40%。該行預計鋁和銅的價格不會進一步下跌,並在今年剩餘時間和明年徘徊在現水平。 報告指,投資者憂慮中國經濟增長放緩,以及歐美衰退,影響潛在需求和造成供應過剩,情況如同2008年和2015年。不過,該行相信今次情況會有所不同,因為考慮到中國的潛在刺激政策措施和過去5至7年缺乏項目投資等,金屬價格或更具韌性。 由於鋁價下跌,該行將中國鋁業公司今明兩年盈利預測下調40至50%,銅業公司盈利預測亦下調12至32%。公司對行業持謹慎看法,等待新的催化劑,將五礦資源(01208.HK)和洛陽鉬業(3993.HK)評級由「買入」降至「持有」,並下調資源股目標價以反映較低的金屬價格,詳見另表。
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