《大行》富瑞:紫金(02899.HK)分拆紫金黃金國際(02259.HK)助釋放價值
富瑞發表研究報告指,紫金礦業(02899.HK)分拆紫金黃金國際(02259.HK)於香港上市,集資規模介乎250億至280億元,所得資金將用於收購哈薩克Raygorodok金礦及未來擴張與勘探項目。紫金黃金國際IPO引入29名基石投資者,認購比例佔發行規模近50%。富瑞對是次分拆持正面看法,認為能以有限攤薄效應帶來業務增長潛力。
富瑞預期,紫金黃金國際2025年下半年產量將因Akyem礦全面合併而提升,全年產量預計達130萬盎司,2026年併入Raygorodok後產量可按年增長約20%。按該行今明兩年金價預測達到每盎司3,210美元及3,400美元計算,2025年海外金礦業務淨利潤預計達12億美元,2026年可再增長40%。
富瑞指出,分拆有助釋放價值,維持紫金「買入」評級,加上近期金價持續破頂,將為業績帶來進一步上行空間,目標價29.6元。
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