大行評級|大摩:山東黃金第三季淨利潤遜預期 存在市場下調對其盈測風險
大摩發表報吿指,以美元及人民幣計算的黃金價格分別按季上升4.9%及4.3%,但山東黃金第三季淨利潤按季大致持平於約6.82億元,則遜該行預期。雖然毛利按季增長2.7%,但税率上升拖累淨利潤。大摩指,隨着金價上升,山東黃金的毛利率由第二季的12.1%顯著改善至第三季的15.6%。但由於首三季純利僅佔該行全年預測的53%,存在市場下調對其盈測風險。該行對其目標價為20.2港元,評級“與大市同步”。
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