You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩重予紫金(02899.HK)「增持」評級目標價3.9元
阿思達克 07-09 15:25

摩根士丹利發表研究報告,指紫金礦業(02899.HK)在該行兩種看好的金屬「金」及「銅」都有良好定位。該行料其2019至2021年盈利年均複合增長14%,將受到未來兩年上線的強勁新項目渠道所支持。該行重予紫金「增持」評級,目標價3.9元。

報告稱,紫金現價相當於明年預測市盈率12.8倍,及預測市帳率1.6倍,較2007年以來歷史平均值低一個標準差。考慮其盈利狀況已改善,大摩認為紫金被低估。該行料紫金2019至2021年各年每股盈測分別21分、23分及27分人民幣。

大摩料紫金未來兩年強勁的項目資源及渠道,可支持其受惠於金及銅價的理想勢頭。該行料經過兩年倒退後,今年紫金的黃金生產可反彈至39.7噸。計及新收購的RTB BOR、Nevsun Resources及旗艦項目Kamoa,該行料紫金的銅產量在今明兩年分別按年升48%及88%,至分別36.7萬噸及68.9萬噸,超越該行對江銅(00358.HK)20.8萬噸的預測。

報告補充,金及銅料佔紫金今年毛利分別30%及32%,考慮美聯儲鴿派立場、美匯轉弱及經濟前景不確定,料金價可跑贏大市。大摩亦看好銅價,指其供求關係仍緊張。計及該行經濟師對人民幣走弱的預測,該行料紫金今年下半年金及銅平均銷售價格分別按半年升12%及3%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account