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《大行報告》匯豐研究:資源股看好鋼鐵股 維持鞍鋼(00347.HK)及馬鋼(00323.HK)「買入」評級
匯豐研究發表報告,指鐵礦石價格自5月高位跌近一半,主因中國鋼鐵生產減慢及市場憂慮房地產槓桿問題升溫,因此該行下調鐵礦石價格預測。然而,煤炭作爲鋼鐵生產的主要原材料,由於供應有限,其價格上升逾倍,鋼鐵公司的成本因而互相抵銷,鋼鐵單位成本可保持穩定。 該行續稱,隨着恆大(03333.HK)事件持續發酵及煤價上漲,過去一星期,鋼鐵股股價跌逾10%,但該行認爲市場過度憂慮,因大幅減產減少供應,應會比潛在需求下降來得更快。該行認爲更多的供給側措施可能會降低中國的鋼鐵出口,也會降低對原材料(鐵礦石和煉焦煤)的需求。該行相信鋼鐵價格繼續受到支持。 在資源股當中,該行較看鋼鐵股,維持鞍鋼(00347.HK)及馬鋼(00323.HK)「買入」評級,目標價分別爲8.8元及6.3元。
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