《大行報告》高盛下調中國宏橋(01378.HK)目標價至10.7元 評級「買入」
高盛發表研究報告指,撇除匯兌虧損等一次性損失,中國宏橋(01378.HK)上半年經常性淨利潤按年下跌2%,遜於該行預期,相信主要是由於鋁生產成本較高。
該行將宏橋2022至2024年各年盈測下調介乎4%至26%,以反映上海期貨交易所最新鋁價及價差預測,以及上半年生產成本高於預期,目標價由12.4元降至10.7元。由於需求疲軟和供應持續增加,高盛繼續對中國鋁行業持審慎看法。
但高盛指出,宏橋估值具有吸引力,現價水平相當於明年預測市盈率約5倍,對比歷史平均水平介乎2至13倍,認為作為中國最大的純鋁生產商,宏橋將長期受惠於鋁價上漲趨勢。同時強勁的自由現金流和債務水平不斷下降,宏橋很可能保持較高的派息比率,高盛預計2022至2024年的股息收益率將達到9%至16%,維持「買入」評級。
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