大行評級|高盛:微升中國鋁業目標價至4.4港元 對其前景維持審慎看法
高盛發表報吿指出,中國鋁業中期純利按年增長105%至70.2億元,每股盈利升104%至41分。撇除政府補貼和遞延所得税優惠等一次性項目,該行預測公司的經常性淨利潤按年增長116%至63億元。該行認為中鋁業績高於市場及該行預期,主要由於氧化鋁利潤提高。公司建議派發每股中期息8.2分,意味着派息率達20%,相對於去年同期為零,而去年派息率達20%。
該行將中鋁2024至2026年的經常性利潤預測上調3%至9%,以納入較低的氧化鋁成本,部分被上半年銷量下降抵銷。由於房地產竣工導致需求下降,該行對中國鋁價前景維持審慎看法。該行預期中鋁明年的經常性淨利潤下跌41%,另維持對其“沽售”評級,目標價由4.3港元微升至4.4港元。
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