Metals&Mining Recommendation MN

7/26/2019 Metals&Mining Recommendation MN

1/112016 6- 16-


2/11

-

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,14200

-8, -2

606

: +976-70121530

: +976-70121529

-: [email protected]

: www.golomtsecurities.com


3/11

,

1,600 8 .

. .

.

: Bloomberg Termin

,2017

.

.

Ticker

US$

2016/06/15

12

P/B P/S P/E

(%)

EPS

T12M

3

/

RIO LSE Rio Tinto plc 51,828 GBp1,979.61 2,313.5 1.35 1.46 7.71 (0.49) (11.11) 51.8%

TRQ NYSE Turquoise Hill Resources 6,629 US$3.25 3.92 0.76 4.01 14.92 - 0.17 1,076.35 5.3%

CG TSE Centerra Gold Inc. 1,289 C$6.87 7.77 0.89 2.60 36.64 2.47 0.08 1.83 13.3%

CAML LSE Central Asia Metals Ltd 232 GBp147 209.40 2.05 3.61 10.11 6.00 0.20 32.69 14.2%

ABX NYSE Barrick Gold Corp. 23,879 US$20.5 17.11 3.32 2.74 0.39 (2.56) (14.35) 62.8%

GG NYSE Goldcorp 15,169 US$18.23 19.39 1.17 3.51 1.98 (4.80) (0.01) 39.9%

K TSE Kinross Gold Corp. 6,504 C$6.76 6.37 1.55 1.97 - (0.86) (10.83) 47.9%

THO TSE Tahoe Resources Inc 4,055 C$17.51 19.44 1.82 5.20 24.95 1.48 (0.36) - 15.7% ;


4/11

: Bloomberg Terminal; bloomberg.com

2016 I

21%,

16%- 1,289

.

(ETF ..)-122%-

Brexit

6-23-

Guardian-53%

.

- 5-

38,000

4

2016 21%

Ambrosino Brothers-Todd Colvin

1,400 .

-,

-

() -

6.5%, 2017 6.3%

3,4-

.

4,900 ..

loomberg-

oomberg-

2015A 2016E 2017E

6.9 6.5 6.5

6.9 6.5 6.5

--


5/11

COMEX () 5-0.156

6-7-0.187 .

,.

37,120 . : Bloomberg Term


6/11

RIO TINTO PLC (LON:RIO)

:

40 ,,,

Turquoise Hill Resources (TRQ)-51%--33%-

The Sunday Times: TRQ-Goldman Sachs-

5.3 .

2027 500,000

3 . .

4-1.5 . .

Jean-Sebastien Jacques

:

Bloomberg-(12 ): GBp2,313.5

Bloomberg : 15 ; 8 ; 6

%:3.90%% :3.52%% :-29.82%

GBp1,969.5

US$51.8

,

5.14

7.71%

/ 51.8%

P/S 1.46

: Bloomberg Terminal; riotinto.com; turquoisehill.com


7/11

URQUOISE HILL RESOURCES (NYSE:TRQ)

%:0.62%% :30.52%% :-21.69%

US$3.25

US$6.6

,

2.843

/ 5.3%

P/S 4.01

P/E 14.92

:

- -66%-

- The Sunday Times: Rio TRQ-Goldman Sachs-

- 4 . .

- 0.4 .

- Deutsche-Paul Young

- 2027 500,000

- Jacobs Engineering Group- , , ,

(EPCM)

- I 24% US$118.9

- I 0.8% US$422.7

- I 71% 57,600

- I 67% 144,000

- 2016 : 255,000-285,000oz

-

- -

- :

- TD Securities-(12 ): US$4

- Bloomberg : 2 ; 3 ; 0

: Bloomberg Terminal; riotinto.com; turquoisehill.co


8/11

enterra Gold (TSE:CG)

:

-

- (2015): 112,505 -

4 -

- I 65.5% US$73.2

- I 55.6% US$18.1

- I 49% 86,444

- 2016 :480,000-530,000

- - ,-

Bloomberg-(12 ): C$7.77

- Bloomberg : 1 ; 6; 2

%:1.63%% :2.23%% :-1.29%

C$6.87

US$1.3

, 1.4

2.47%

/ 13.3%

P/S 2.6

entral Asia Metals (LON:CAML)

%:-1.67%% :-0.68%% :-20.33%

GBp147

US$232.3

,

48.8

6.00%

/ 14.2%

P/S 3.61

:

- (616.9kt)

- (41,150)

- 85%-

- Gavin Ferrar-- 2015 12% US$67.3 - 2015 62.5% US$22.4

- 2015 8% 12,071

- 2015 7.9% 12,040

- 2016 :13,000-14,000

- Bloomberg- (12 ):GBp209.4

- Bloomberg : 5 ; 0; 1

: Bloomberg Terminal; centerragold.com; centralasiametals.com


9/11

,

arrick Gold (NYSE:ABX)

:

- ,, , ,-

- (2015): 91.9

- 140 .

- 2016 2 .

- I 14% US$1.9

- I 8% 1.3

- 2016 : 5-5.5

- - ,-

- Goldman Sachs- 12 :C$23

- Bloomberg : 10 ; 15; 2

%:3.59%% :164.52%% :78.73%

US$20.5

US$23.9

, 18.7

0.39%

/ 62.8%

P/S 2.74

oldcorp Inc (NYSE:GG)

%:2.71%% :53.54%% :8.98%

US$18.21

US$15.2

,

9.3

1.98%

/ 39.9%P/S 3.51

:

- ,,-

- (2015): 40.73

- (2015): 8,552 lbs

- (Ag)-(2015): 704.59

- I US$80 ; 87 .

- I 7.2% US$944

- I 8.1% 783,700

- 2016 :2.8-3.1M oz

-

- ,-

- Bloomberg- 12 :US$18.46

- Bloomberg : 10 ; 10

; 3

: Bloomberg Terminal; barrick.com; goldcorp.com


10/11

,

nross Gold (TSE:K)

:

- , , , ,

- : 33.2 (P&P)

- 95.91 275.5 .

- I 2.1 14 .

- I 0.15% 782.6 .

- I 9.2% 687,500

- 2016 :2.7-2.9

-

-

- RBC-12 : C$8

- Bloomberg : 6 ; 10; 4

%:3.21%% :159%% :132.3%

C$6.76

US$6.5

,

14.2

/ 47.9%

P/S 1.98

EPS -0.86

hoe Resources (TSE:THO)

%:6.57%% :41.9%% :-5.30%

C$17.51

US$4.1

,

1.98

1.48%

/ 15.7%

P/S 5.20

:

- ,

- ,

- I 55% 132.1 .

- I 19% 37.8 .

- 2016 :255,000-285,000oz

-

-

- CIBC-12 : C$21

- Bloomberg : 14 ; 2; 0

: Bloomberg Terminal; kinross.com; tahoeresources.com


11/11

606 , , -2,-8,14200,

: +976-70121530: +976-70121529-: [email protected]: www.golomtsecurities.com

Metals&Mining Recommendation MN

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