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7/26/2019 Metals&Mining Recommendation MN
1/112016 6- 16-
7/26/2019 Metals&Mining Recommendation MN
2/11
-
.
. .
. , , -
,
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606
: +976-70121530
: +976-70121529
-: info@golomtsecurities.com
: www.golomtsecurities.com
7/26/2019 Metals&Mining Recommendation MN
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% ;
7/26/2019 Metals&Mining Recommendation MN
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
--
7/26/2019 Metals&Mining Recommendation MN
5/11
COMEX () 5-0.156
6-7-0.187 .
,.
37,120 . : Bloomberg Term
7/26/2019 Metals&Mining Recommendation MN
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
7/26/2019 Metals&Mining Recommendation MN
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
7/26/2019 Metals&Mining Recommendation MN
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
7/26/2019 Metals&Mining Recommendation MN
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
7/26/2019 Metals&Mining Recommendation MN
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
7/26/2019 Metals&Mining Recommendation MN
11/11
606 , , -2,-8,14200,
: +976-70121530: +976-70121529-: amar@golomtsecurities.com: www.golomtsecurities.com
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