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【大行言論】摩通維持中鋁「中性」,削目標價32%至4.1元 @ 2011-10-27T04: Back Hot News
Keyword:中鋁 目標價 大行報告
Concept:
復建居屋公布後,瑞信指不明朗因素已消除,留意新地(00016)、長實(00001)及落後的新世界(00017)及恆地(00012)今日之表現。由於配合內地A股回升,預期大行報告開始轉密,影響個股表現。近期大行吁買入的同時,亦大幅削目標價,雖然如此,最新之目標價仍較現價存在頗大升幅,以保利協鑫(03800)為例,美銀美林看5元,現價經反彈後仍為2.3元,即潛在1.1倍升幅,協鑫昨日沽空金額有6444萬元。
瑞信表示,中國鋁業第三季純利5.55億人民幣,按季增長35%,因上海期交所鋁價上升。撇除一次性投資收益3.28億人民幣,純利3.15億人民幣,較第二季倒退36%,符合預期。首九個月純利僅占市場全年估算共識64%。第三季,上海期交所鋁價由第二季每磅0.98美元升至1.06美元,中鋁毛利率按季升1% ,意味存在成本壓力。計及第四季商品價格及需求增長呆滯令行業下跌周期延長,該行大幅下調中鋁2011/12年盈測66%/71%。基於市賬率0.5倍,目標價由4.8元削半至2.4元,評級維持「跑輸大市」。(de/d)阿思達克財經新聞傳真: 852 2186 8286電郵: newsroom@aastocks.com網址: www.aastocks.com

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