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野村:維持洛鉬(3993.HK)“買入”評級 目標價2.8港元
格隆匯 10-30 14:44

野村發表研究報告指,洛陽鉬業(3993.HK)第三季度淨利按年下跌57%,收入則由其新收購之商品貿易公司IXM所帶動,按年上升289%,按季上升326%。該行預計其全年盈利會按年下跌47%,或會有再下調的風險,惟認為現時股價下行空間有限,維持“買入”評級,目標價維持2.8港元。

另外,洛鉬首9個月累計純利達12億人民幣,按年下跌約70%,主要受金屬價格及出貨量疲弱,以及財務成本上升所影響。當中,金屬出貨量比該行預期低,大部分仍少於其今年全年預測的65%。

野村續指,鈷價及金屬價格明顯下跌,以及IXM需要投放更多資本,因此其營運現金流按年下跌83%;財務成本亦因短期債務明顯增加而按年上升46%。

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