Advantage: It has
Shortcoming:
60.831NewThe news of August 31: Containing high, have increased basic metal and, however, this report
This, expected nickel price 2006%. Copper price estimates rise in advance
ContainThe prospect prospect of the aluminium price of
銆€銆€Though golden, but contain JBWere high to be still expected to rise gold, and expressing golden price to deliver to throw interval extend to highest each ounce of 850 dollars, when future 12-18 month is " complete reality".
In major basic, should report supplementary
Say specifically, high flourishing JBWere goes up have adjusted the nickel price of 2006 years to estimate value to each lb of 9.48 dollars, it is 8.53 , will 2007 estimate value from 7.64 dollars go up tune is to 9.55 dollars , will 2008 estimate value from 8.1 go up tune is to 9.7 dollars , 2009 estimate value in advance is increased by 6.75 to 8.15, it does not change that the price prospect of 2010 keeps , it is 6.15 dollars.
ExpectThe copper price of 2006 years will rise from 3.05 dollars to each lb of 3.1 dollars, expected 2007 will is from 2.5 liters to 3.41 dollars, the copper price of expected 2008 before will from estimate the value liter of 2 dollars to 2.6 dollars, maintain 2009 estimate value 2.1 dollars do not change , It is expected that the copper price of 2010 years will glide from 2.2 to 2 dollars.
ExpectWill rise from 1.28 dollars in 2006 to each lb of 1.4 dollars, 2007 estimate value is from 1.21 liters to 1.4. It does not change that this report maintains 2008 to the expectation before zinc price this of 2010 years, difference is 1.03 , 0.88 and 0.95 dollars.
ExpectThe aluminium price of 2006 years will rise from 1.08 dollars to 1.11 dollars. It does not change that however, maintaining the price from 2007 until 2010 estimate in advance, difference is 0.89 , 0.85 and 0.96 dollars.
銆€銆€ExpectThe golden price of 2006 years is 611 dollars, the expected golden price of 632 dollars below the expectation before this of 2007 years will when 645 dollars, this is former to expect 694 dollars. It is expected that the golden price of 2008 is 671, before this, it is 712 to estimate value. Besides, 2009 and 2010 estimate value to part before is 699 and 727 dollars, expected difference is 730 and 748 dollars.
Overall, the basic metal price of
60.814Rub thoroughlyMetal share and relatedBelieve that mayAmong the( 1088.HK)And saddle( 323.HK)Secondly, person( 347.HK), Chinese( 2600.HK)And purple( 2899.HK).
RubMetal price is influencedThis trip expands inThe Chinese economicBut do not expect canMetal demand will.
銆€銆€Rub toInland metalWill bring;Present metal shareThis tripIt is strong to, 05-10Annual compound11%Together with potentialIt will receive in profession
60.81 thousandDBSIs as high( 2899)Mid-term achievementDeliver mainly high, so, tune lows16% to0.125RMB.
銆€銆€DBSPoint , the sales volume of the low succinct gold of gross profit of purple gold increases considerably, together with the increase of this firm, mine low quality metal mine, delivering make unit cost go up.
銆€銆€DBSExpress that thoughBut is steady becauseIt is expected that87% and29% increases , support market continued3.9It
60.81 thousandThe company's1Time6.62100RMB. Though in first half of the year, the overallCompany's management9Month implementation11The RMB of 100 million YuanThis share4HKD nearby go3.85HKD buies4.45HKD, stop3.5HKD. ( Heng
60.809The big:Purple( 2899.HK$4.08Hold)
Receive in golden2006The annual6.62The RMB(It is: 6.3Divide). Turnover2.7Time39.49The RMB of 100 million Yuan,80%. In issue, sales33%And161%.
Because of gold, smelt2006The annual rate60.2%Fall38.5%. Though unit20%, but produce independently63.6%Rising67.0%. But in issue processing0.8%. The processing and gold44%And56%, one year ago,
銆€銆€Gold futures6,800It is lowed that the. Besides, company has1.69The preparation
Since golden2006In year, secondInternational2006In year, it700U.S. dollar is new591U.S.. Golden price650Wander nearby2006The average golden price2006The golden ingot-shaped32%.
It is the purple gold of trunk business22,000The Qinghai virtue10Month examination100,000The Ba-Yan-Nao-Er5Try in
According2006Year43.9%And2007Year44.6%It is believed that the rate14.96The RMB(It is: 14.2Divide)And17.84The RMB(It is: 17Divide). We will this4.1Yuan is2006Year30Time2007Year25.1Time estimated price/earning
60.809RecommendJPRub root( 2899.HK)Increase hold to grade , since profitJPIt is17%.JPRub root to estimate as rush; It is expected that strong6And7The profitJPIt will be the major motive force7The end of financial year has fair5.2HKD. This3.7%, newspaper3.93HKD.
60.809Rui letter( 2899)It is low that mid-term20%Since golden mine20%, add to receive, should be6,7And8Get profit5.1%To16.67The RMB2.4%To20.17The RMB11.9%To19.38The RMB of 100 million Yuan,5Yuan4.1It
This trip6The annual production5%, because geting to increase resource tax influence , but expect as rush loss is limited; Material copper price and golden price keep steady, and it can restrict gold if be all right to quote management level point and copper is for the proportion of rushing , part to be lower than20%And5%.
According to the estimated purple0.5It is first95U.S./The changeAnd long-term40U.S./The change
60.809Though( 2899)Profit1TimeButDBSBeing as highIt is low that15%It is high mainlyFor the rateWill6In year, each16%To0.125FirstButEstimate6Year7Annual profit87%To13.17The RMB29%To17.04The RMBIs increased mainlyThe Chinese gold manufacturer( 2899.HK)Draft9Month implementation announcesAThe site financing way of the stock market goes on. Company's chief financial length week Zheng first yesterday expression is consulting participation with domestic overseas stock company to mine overseas the matter of project.
Covet world-class
Purple golden chairman of the board Chen Jing He of mining industry expresses on the achievement meeting of yesterday that group always hopes to extend the international market of mining industry , offers powerful support for the development with the group in the future. Company is always discussing related matter, he hopes may9Implement in month to announce some purchase projects. Though now, stage inconvenience reveals details, he expresses that company wants to get world-class project, not remove to pass through market financing way go on; It is expected that in second half of the year, capital is paid approximately3-5The RMB of 100 million
Week Zheng first expression,20%The project that controls. Though, he has not said the company's name that been discussing , and refuses to reveal in every investment amount of money of project, but express scale the price of greater project possibility reaches billions of RMB Yuans in, reveal these overseas stock companies have a is in Britain. Week Zheng first expression, company at the same time return when and few have mineral resources in domestic , the Chinese mining company that at the same time also has overseas to open up business experience discusses establishment joint ventures is engaged in the matter of overseas mining business.
China is the 4th big gold production of whole world country and 3th large gold consumer country, this firm thinks that making investment and taking over is the most rapid way that develops gold and the business of nonferrous metal. Purple golden mining industry will enlarge existing golden mine and copper mine produce can, in which, include purple Jinshan golden copper mine and Afghan to give up to rein copper mine.
Purple golden secretary Zheng Yu Qiang of mining industry of board of directors shows , if company has signed the project of huge next amount of money, possible needs come through the stock market financingPossibilityHThe site of the stockAShare appears.
After valuing
Though because of the production cost60.23%Fall38.3%, but according to the achievement6.621100
Achievement increase considerably to benefit the rising of metal price and the raising of output. In first half of the year, gold increases the purple golden production of mining industry than last annual the same period2.8Time and2.3Time. In first half38%, to is589U.S. dollar. And the6246U.S. dollar. Chen Jing152U.S./G gets the factor influences such166U.S./G. Golden1%, the group0.6-0.7%. Store quantity375Ton, after group
Refining the gross profit0.56%Rise , but0.76%Low level, the rate of52.5%Fall48.58%. Purple golden mining industry41.54First RMB49.65First RMB, at the same time since purchasing mining handling recently, cost is higher, as well as take over recovery and the regulation of enterprise recently to produce to cause cost expense increase.
Chen Jing He estimates the tense situation of the global geopolitics of second half of the year , oil price is at a unchanged high level gold output short period as well as the tendencies of impetus and U.S. dollar will not have huge change, international gold price will still maintain Gao Wei, copper price may return tune , basic metal price will still maintain Gao Wei. He expresses that since former this country has begun to levy resource tax, reason will make company annual to pay to increase ten millions of first RMBs. But he will not have related new tax again in expected second half of the year to enact , believe the gold average price of the purple golden mining industry of second half of the year will than present each g169First RMB rising; The copper49.974First
6809Swiss credit( 2899.HK) grade by winnerThe rise tendency of coming months is limitedSwiss credit differentiates 6 and the 7 profit expectationsBecause of gold production cost risingThis share estimates value is reasonable, go
60.808Rub root to know8900The purchase sunshine spring10Time, book4TimeThis purchase may bring increment1.7%.Rub root to know to estimate, purple gold can still have the purchase of similar munificent condition in the future , and will produce positive influence for its share price. This trip is still expected , golden price will rise before end of the year to is each ounce of669U.S. dollar50% can rise13% to756U.S.
60.808In silver international6 for 7 years, get profit to increase 30.7-56.5% respectively , reflect that golden price goes up; Should be all right and will its goal price schedules to 6.9 Yuan, it is grading to keep to be better than big city.
In silver international
60.808Purple( 2899.HK) not quite possible rising is too many( or rise 1-2%), though issue net profit increases one time, to RMB 662 million Yuan, since gold price rising, but this pretty worth the 44.5% of RMB 1487 million Yuan in Thomson to purple golden annual profit forecast; Mid-term total sale increases 268%, but from in cost rising, the net decrease of profit margin is to 16.8% , last annual the same period is 30.8%. Mid-term does not send to cease , it is identical with last annual the same period. Yesterday, purple golden rise 1.7% is to HK$ 4.19, if assumption second half of the year achievement and the words with identical first half of the year, present price matches in the price/earning ratio of 34 times, possibility has been reflected basically( if not is all words) gold the expectation of price rising.
60.808Purple2899.HK) yesterday announces6.62100 million3.31The increase1Time. Rise1.7%, receipt4.19HKD.
Data shows that39.49100 million10.74The increase2.68Time. It0.063It is first,
60.728Purple( 2899.HK) rising 1.0%, to HK$ 4, this firm will scold the 8,940 capital RMB purchase sunshine rights and interests of 10 thousand Yuan of spring purple golden remaining 17.875%, this news mentions slightly have shaken share price. In view of sunshine spring purple golden 2005, the net profit of wealth year is 5,040 RMB 10 thousand Yuan, the price summary of trade has attraction below the price/earning ratio of 10 times. HoweverIn silver international name, increase hold. It is mild to deliver to throw ,
60.721BeautifulSpencer White shows , Asian the stock market may try theIt is higher to suggest to sell thoseThese stocks include: Jiangxi copper field( 0358.HK) and purple golden mining industry( 2899.HK in) , far Pacific Ocean( 1199.HK) and China moist business founding( 0291.HK) and Chinese overseas development( 0688.HK). Those profits that Spencer White recommends have is defensive in , may undergo expectation glide the stock of risk includes Hong Kong to appear on the market: Install world( 1044.HK) and Zuo-Dan-Nu world( 0709.HK) , far eastern development( 0035.HK) , hope Shen invigorate economy ( 0014.HK) , in remote antiquity( 0019.HK) and sea oil field service( 2883.HK).
60.613Rui letterWill purple( 2899)In this year,28%, 7Year36%Major since thisIncrease the40%Increase71%.
At theRui letter3.75Yuan5ItKeep run to winAnd thinkIt is the opportunity
60.612Under company's flag, the resource tax of golden. Raise gold each15Yuan raises10%. Gold and the adjustment of share price are that investment resource share has offered opportunity. Under company's flag, the resource tax of golden mine had been increased. Company announces , since national tax bureau is increased the notice of rock golden mine resource tax, under flag, two golden mines include purple Jinshan golden mine and Hui the resource tax of spring golden mine will be increased to exceed1TimeDifference1.3First RMB3ItAnd0.9Yuan2It is first. Government levies resource tax according to golden ore grade , encourages to develop the useless stone use and mine of low grade. Golden mine divides into rock golden mine and the mine of alluvial gold, the State Administration of Taxation adjusts golden mine resource tax, the resource tax rate of being for each grade rock golden mine upward adjustment, company belongs to purple Jinshan golden mine and Hui the resource tax rate of suitable spring golden mine difference is 5th and 6th grade, resource tax basis mining located grade and annual production ore quantity levies. Additionally, as golden mine carries out recycling, does not levy resource tax; As pile soaks the position of arts and crafts, is lower than0.5G/The useless stone of
Resource tax raising is light for the minerals golden rate influence of gross profit. Company's golden mine overall grade is low , and has high rate for golden mine recycling , is just the embodiment in the technical advantage in profession of company because of developing the mine of low grade and for the recycling of useless stone. Golden mine overall grade is low and causes the proportion of company that resource tax takes turnover to be very low for the recycling of useless stone. So as5Year is example,15.27Ton, unit119.3It/G, minerals18.22100 million Yuan;2Must, the proportion1%, relative66%The rate of gross profit,
Increase resource tax5The golden mine resource tax of2,73010 thousand6Year2/3Year7Year after just6,7It is conservative6,7The realization145And150It/G), solicit6,7Annual28.6And32.9100 million Yuan1%, for company's
Gold price rising may offset the rising of resource tax. Company's major income and profit source form the most sensitive factor for the profit of changing for company of gold and gold price. Company's gold is sold mainly in Shanghai gold exchange, after domestic gold price present process adjustment shows is165Yuan controls , and last119.3It is first.20Ton and gold1Yuan may increase2Must, match with the gold resource tax levied. Therefore we expect , raise resource tax again if not come , it is to go on under the prerequisite of the corresponding further rising of commodity price surely, the resource tax solicited takes the rising of commodity price increase revenue enter very fraction. The viewpoint of having put forward before us, resource tax increase revenue considerably is disadvantage the efficient use of resource, especially for low taste mine, capital raises source tax, is not large for company's profit influence.
Raise gold annual price forecast , raise profit forecast.135-185Fluctuate between165Around Yuan, we145Yuan has looked6,7,8Annual each15Yuan160,165,165Yuan is stillEPSDifference0.141,0.155,0.168Yuan10%Control.
Invest in grading4.7HKD.We value the long-term, recently, resource and the adjustmentThink that company, in the resource enterprise of mining industry of China, has the ability that has development , production cost control is reasonable, profit level is strongest. Because of the continued adjustment of share price, we will make investment to grade , is increased from " collect " to " buy to enter ". Goal price from original3.65HKD is increased4.7HKD, after adjustmentDCFEstimate6,7And8YearPERParting34.7,31.5And29Time.
End12/31Turnover Net Proflt EPS EPS PER DPS Yield ROE
( Rmb m)( Rmb m)( Rmb)( %)( X)( Rmb)( %)( %)
The 0.04( 3) 105.4 0.050 1.2 23.0s of 2004 A 1,508 418
2005 A 3,036 704 0.067 68.5 62.5 0.080 1.9 32.7
2006 F 7,709 1,481 0.141 110.5 29.7 0.070 1.7 51.1
2007 F 8,612 1,631 0.155 10.1 27.0 0.078 1.9 42.1
2008 F 9,310 1,769 0.168 8.5 24.9 0.084 2.0 36.9
Have publishedShares Outstanding( m) 10, 513 each book values of 6 years NBV per share(
Total( HK $ m) 42, the 315 share price / book values of 6 years P / B( x) 12.8
Big shareholderThe net liability / shareholder fund 6 of
CirculationFree Float( %) 30.5 6 years each estimate 6 value NAV per shares( HK$) 4.7
60.605Virtue will, based on estimate value factor, increase the purple
銆€銆€Virtue silver is expressed , It is expected that international golden price strong tendency may keep to 8 years, think that purple gold follows golden price adjustment recently , may be regard as to buy into good opportunity.
Virtue silver the expected purple
060605DBSIs as high as expression only, inland, since be all right , have increased in this year golden
DBS points out that inland rock golden mine resource tax is increased to 1.5-7 each ton of first RMB , influences about 1% for the purple golden profit of mining industry , is relatively obvious for clever precious gold( 3330.HK) influence , expects to reach 7-8% for profit influence.
This trip is consideredInvestor long term focus will return.
In view of the fact that be all right to increase in this year golden price forecast to each ounce of 600 dollars, so, increase the purple golden share profit forecast 19% of mining industry of this year to 0.142 RMBs.
60602 rubs root to know to increase purpleWith reflection, should be all right to
銆€銆€Be all right after still valuing golden. Therefore this trip estimated golden price this year
This trip estimated purple golden net profit of 6 years is the RMB of 1848 million Yuan( same below), each profit 0.18 Yuan, liter 163%; 7 years are 2069 million Yuans, it is each to gain 0.2 Yuan, liter 12%.
The purple golden mining industry of 60.602 thousand(August gold futures contract in the trade, gold on-hand stock falls further in Asian trade to 625.7 dollars; Secondly: Purple golden mining industry announces that the Chinese department of tax revenue raises resource considerably to mine the kind of standard of tax revenueCalculation shows if new Zhi tax standard enforcement,; 3th unfavourableThe overlord asset managementBefore so, make holding share be reduced by 5.2% to 4.9%, one day beautiful forest expression will hold share is reduced by 27.3% to 26.9%. Yesterday purple golden mining industry closing fall 6%, announce HK$ 3.95 and clever precious gold( 3330.HK) fall 9.8%, is to HK$ 7.4 , this share or meeting glides again 5%, since gold appears to sell plate , just, the estimated raising of tax revenue will also make this share suffer unfavourable influence.
50.62 thousandBeautiful forestNow,24.06%
In last Friday, the August issue gold of the commodity exchange of New York even rises 3 days , rises 2.1 dollars the same day, announce each ounce of 439.9 dollars, when achieving April 26, it is new and high.
Information shows , the in this year former nation-wide gold of 4 months enterprise realization profit 1070 million Yuan, increase of 41% compared with the same period last year. Purple golden mining industry( 2899.HK) is Hong Kong only a inland appears on the market gold share, natural benefit Fei is shallow.
In last Friday, the purple golden newspaper
As soon as Swiss wave is pointed out , estimated purple gold gets profit , in clear two years, will increase 34% and 24% respectively, to 558 million Yuan, 692 million Yuan and the forecast price/earning ratio of 2006 years, have only 13 times, it is low to estimate value, reiterate that the investment of " run to win big city " of this share is grading, goal price HK$ 2.5.
銆€銆€This year since, reduce time. Information shows since, May last ten-days period, it is held that rubing root to know have increased three times, amount to to purchase 10.212 million, cost prices between 1.52-1.65 HKD , now, it holds share quantity, have picked up to 7.05%.
銆€銆€Beautiful forest, though, holding share measure , have exceeded 20%, but it is in June 8 that in year, still increasing hold three, recent once, with HK$ 1.653, it is 2358 thousand that increasing hold , now, it is 385 million that be all right hold purple gold( the 24.06% that takes total capital stock ). (
50.606Swiss credit first Boston publishes2.5It
A wave pointsShould be though5Year is seen5Year6Annual34%And24%Profit increase, major6Annual new project
没有评论:
发表评论