《大行報告》瑞信削五礦資源(01208.HK)目標價至2.2元 評級「中性」
瑞信發表評級報告指,五礦資源(01208.HK)上半年淨利潤7,950萬美元,較去年同期的4.001億美元,按年大跌80%,主要是銅礦Las Bambas生產中斷,以致銷量下跌。該行指,由於通脹仍然高企,料銅價的經濟下行風險是因為需求增長遠遠跑輸礦山供應增加,並預料今年有55萬噸銅供應過剩(集中於下半年)、明年料有196萬噸銅供應過剩。
報告料公司下半年毛利率將惡化,受累商品價格疲弱及成本上升。該行將五礦資源今年、明年及2024年盈測下調60%、12%及11%,以反映下調銷量及商品價格假設,並將其目標價由3.2元下調至2.2元,維持其評級為「中性」。
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