《大行報告》匯豐研究升五礦資源(01208.HK)目標價至2.6元 評級「買入」
匯豐研究發表報告,指五礦資源(01208.HK)去年稅後淨利潤為900萬美元,按年下跌95%,單計下半年亦跌27%,低於該行預期。盈利下跌,主要由於平均銷售價格下降和營運成本、折舊及財務成本的上升影響,抵銷了去年金屬銷售量增加的利好作用。
儘管面臨較高的營運成本,五礦資源在2023年下半年的EBITDA按年下降7%,但由於金屬銷售量的增加,下半年EBITDA較上半年增長約30%。該行預計隨著公司強勁的營運現金流,未來財務成本將趨於穩定。該行上調五礦資源目標價4%,由2.5元上調至2.6元,並維持「買入」評級。
展望2024年,該行預計集團EBITDA將小幅增長,由於平均售價提高和生產成本降低,利潤率有所提高,足以抵銷因銅產量指引疲軟和Las Bambas銅礦完成去庫存而導致的銷量下降。
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