《大行报告》瑞信下调招金(01818.HK)目标价至8.4元 评级「跑赢大市」
瑞信发表报告指,招金矿业(01818.HK)上半年纯利按年飙约4.9倍,主要由利润率扩张、低基数,和金价上涨所带动。毛利率亦按年上升3.9个百分点至38%。
瑞信将招金2022至2023年盈利预测分别降36%和7%,2024年盈测则上调21%;以今年预测市账率1.4倍,及三年企业价值对EBITDA倍数均值12倍为估值基础,目标价相应由8.9元下调至8.4元,以反映公司的资产质素和盈利增长前景。但鉴于积极的金价前景和低成本的海域金矿的潜在产能增加,维持「跑赢大市」评级。
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