大行評級|高盛:下調江西銅業目標價至19.5港元 維持“買入”評級
高盛報吿指出,江西銅業股份剔除與對沖和外匯損失相關的一次性公允價值損失,上半年經常性淨利潤按年增73%,勝該行及市場預期,主因電解銅及黃金價格較佳所致。
該行下調集團2024至2026年盈測4%至9%,反映2024年市場銅價走勢,目標價由22港元相應降至19.5港元,維持“買入”評級。該行以市場定價將2024年上海期貨交易所(SHFE)銅價預測下調至每磅4.31美元(原為每磅4.48美元)。預計集團經常性淨利潤將自2023年的64億元,增至2024年的87億元,2025年淨利潤再一步增至117億元,這意味着複合年增長率為35%,主要是由銅價上升所推動的。
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