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大行評級|招銀國際:中國宏橋屬全球鋁供應緊張局面主要受益者 估值吸引
格隆匯 06-18 10:37

招銀國際發表報吿,恢復覆蓋中國宏橋,並給予“買入”評級,目標價17.9港元,基於預測今年市盈率8.5倍,比歷史平均水平高1個標準差。在全球鋁供應緊張但需求上升的背景下,該行預測全年電解鋁和氧化鋁價格將分別上升4.5%和10%,而明年將保持高位。宏橋將受惠於單位利潤大幅擴張,主要由於公司具備擁有海外鋁土礦參股權、自備電廠和高比例鋁水產品的垂直整合模式。

該行預計,宏橋今明兩年盈利分別按年增61%和5%,高於市場預期各6%和4%。同時預計電解鋁價格每上升1%,宏橋的盈利將增加4%。雖然自今年年初以來股價大幅上升,但宏橋仍處於週期中期的估值,且較全球同行大幅折讓。目前的價格相當於逾7%的收益率,估值具吸引力。

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