《大行报告》高盛上调招金(01818.HK)目标价至10.1元 评级「中性」
高盛发表的研究报告指,招金矿业(01818.HK)第三季净利4.82亿元人民币,每股盈利0.147元人民币,按年升147%;而首三季经常性溢利为8.85亿元人民币,约为该行及市场对其全年预测的83%,受惠融资成本较低表现好过预期。
截至9月底公司资产负债表仍然较紧,经调整净负债比率达159%,但较6月底(164%)已稍有改善,经营现金流水平则按年改善175%,势头与净利表现一致。虽然上半年仅完成全年目标的43%,但公司维持自身金矿产量目标在17.3吨,期望余下季度可赶上。据公司指出海域金矿目标在年底前牌照获批,并计划於2022年投产,估计到2025年每年可贡献15吨的金产量,带动公司到2025年的整体金产量较今年增90%。
该行将公司2020-22年的盈利预测升5-14%,以反映业绩的表现,并将目标价由9.5元升至10.1元,评级「中性」。(el/u) ~
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