《大行報告》瑞信下調招金(01818.HK)目標價至8.4元 評級「跑贏大市」
瑞信發表報告指,招金礦業(01818.HK)上半年純利按年飆約4.9倍,主要由利潤率擴張、低基數,和金價上漲所帶動。毛利率亦按年上升3.9個百分點至38%。
瑞信將招金2022至2023年盈利預測分別降36%和7%,2024年盈測則上調21%;以今年預測市賬率1.4倍,及三年企業價值對EBITDA倍數均值12倍為估值基礎,目標價相應由8.9元下調至8.4元,以反映公司的資產質素和盈利增長前景。但鑒於積極的金價前景和低成本的海域金礦的潛在產能增加,維持「跑贏大市」評級。
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