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標普升紫金(02899.HK)評級展望至「正面」 確認「BBB-」信貸評級
阿思達克 06-11 17:34
標普全球評級公布,對紫金礦業(02899.HK)的評級展望由「穩定」升至「正面」,確認「BBB-」信貸評級。該行料,2024至26年,公司銅及金產量的年均複合增長分別達8%及14%,至125萬噸及95噸。該行對其產量預測與公司官方指引大致相符。 另外,該行料銅價和金價將於未來兩年保持韌性,預期今年餘下時間及明年,銅價平均為每噸9,300美元及9,400美元;而金價則為每盎司2,900美元及2,500美元。基於地緣政治及貿易緊張局勢,有關價格明顯高於過去十年的平均水平。 在金價高企的背景下,產量增長將增強紫金礦業的經營現金流和利潤。該行料集團2025至26年的經營現金流將達520億元至540億元人民幣(下同),相較於2024年為440億元;又料集團2025至27年的EBITDA將達690億元至720億元,而2024年為585億元。2025至27年間EBITDA利潤率料介乎21%至24%,高於2024年的19.3%。
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