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大行評級丨美銀:上調江西銅業目標價至10港元 上調今年税後純利預測
美銀證券發表研究報吿指,江西銅業股份今年首季純利按年升14%,按季跌1%,至19.5億元,勝預期,收入按年跌9%至1,120億元。該行認為,首季業績受惠於合約加工費(TC)佔比高、副產品價格較好,以及潛在的銷量增長。公司指引今年的陰極銅(Copper Cathode)產量237萬噸、金產量達139噸、銀產量至1,243噸,以及硫酸銅產量653萬噸。該行指,基於硫酸銅價格上升,將H股今年税後純利預測上調26%至43億港元,將H股目標價由9港元升至10港元,重申“跑輸大市”評級。該行指,雖然公司短期盈利下行潛力有限,逾90%為長期合約,不過今年長期合約價格為每噸23美元(去年為每噸80美元),所以料盈利會受到影響。
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