《大行報告》匯豐研究升洛鉬(03993.HK)評級至「買入」 降江銅(00358.HK)及五礦資源(01208.HK)目標價
匯豐研究發表報告指出,中國的銅需求仍然受到強勁的房地產竣工(有利於家電需求)、電動車生產、電網投資增加和安裝可再生能源產能的支持。不過,現有礦山的恢復生產和新礦山的增量生產將保持市場供應充足,該行預計銅價將維持在區間上落,但由於銅庫存依然緊張,估計任何新的供應中斷或需求強勁反彈的情況,都會推高銅價。此外,美元疲弱也將爲銅價提供支持。
該行認爲,在金屬股中首選銅股,並偏好洛陽鉬業(03993.HK),上調H股評級由「持有」升至「買入」;預期洛鉬下半年盈利將顯着增長,主要由於去年的銅庫存銷售和今年的新產量將被確認爲收益,旗下TFM與KFM項目將爲中期產量增加帶來支持,令公司盈利增長勝同業。
此外,該行指在處理和精煉費用的影響下,銅價穩定且產量增長有限,相信江銅(00358.HK)是Beta值較低的銅股,惟基於公司健康的資產負債表,料對新收購有利。
至於五礦資源(01208.HK),該行指Las Bambas產銷量自3月起回覆正常,公司上半年的盈利應有所改善,因爲積壓的庫存應開始轉化爲盈利,但料下半年的改善將更爲顯着。然而,Chalcobamba擴張時機仍不確定,限制中期產量增長。該行並下調江銅及五礦資源H股目標價如下。
匯豐研究對銅礦股H股最新評級及目標價表列如下:
股份?評級?目標價(港元)
洛陽鉬業(03993.HK)?持有→買入?5.1元→6元
江銅(00358.HK)?買入?16.8元→16.2元
五礦資源(01208.HK)?買入?3.65元→3.45元
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.