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《大行報告》高盛下調紫金(02899.HK)目標價至18元 維持確信買入名單內
阿思達克 08-28 13:45
高盛發表報告指,紫金(02899.HK)上半年純利103億元人民幣(下同),按年跌18%,扣除一次性項目、減值損失撥回及匯兌收益,經常性淨利潤104.2億元,較該行預期低8%,亦低於市場預期,主要因為來自金及鋅的盈利少過預期,金礦開採量減少及每單位成本增加。 報告指,公司的銅礦業務好過該行預期,銅礦開採量按年升17%,主要由剛果卡莫阿銅礦開採量推動,平均實現銅價每噸5.1萬元人民幣,按年跌8%,好過行業下跌11%的平均水平。 該行將今年至2025年盈利預測下調11%至12%,經常性淨利潤由去年的218億元升至2025年的438億元人民幣,反映複合年增長率26%,主要由產量增長及銅價上升帶動,相信紫金是少數受惠產量及商品價格上升的公司之一,維持「買入」評級且在確信買入名單內,目標價則由19港元下調至18港元。
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