《大行報告》高盛升洛陽鉬業(03993.HK)目標價至7元 上調今明兩年經常性溢利預測
高盛發表報告指出,去年洛陽鉬業(03993.HK)純利82.5億元人民幣,每股盈利38.2分人民幣,按年增長36%,與先前披露的業績快報一致。撇除一次性收益,公司的經常性溢利按年跌19%至51.59億元人民幣,雖然較市場預期低,但較該行預期高出25%,主要由於公司剛果項目利潤高過預期。公司去年派息率達40%,高過2022年的30%水平。
該行將洛陽鉬業今明兩年的經常性溢利預測上調6%至34%,以反映剛果營運狀況勝預期。目標價由5.3元上調至7元,維持「買入」評級。在Tenke擴張速度快過預期的推動下,估計今年公司的銅及鈷產量按年增長14%至39%,加上去年第三季恢復出口後持續交付庫存,料銷量將有所增加。而在銷售強勁增長及銅價上升的情況下,該行料公司純利將由去年的82億元人民幣,升至今年的109億元人民幣,明年料進一步增至191億元人民幣,意味年均複合增長率為52%。
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