2023年1月24日,

星期二,2023年1月24日恢複正常:人們沿著街道上水邊境附近的中國大陸在香港重新開放邊境的前的1月8日。-法新社八打靈再也:公司在建材行業可能會看到一些好處從中國重新開放,這刺激了對鋁的需求,鐵合金和錫。大華繼顯(UOBKH)研究指出,這些硬大宗商品價格已逐步反彈的中國經濟重新開放。研究公司表示,出口商品價格已走到一個較低的範圍在2022年下半年(2 h22)後在1 h22達到新高。這主要是由於疲軟的市場情緒在上升的利率環境。“到2023年,中國是結束其Covid-19旅客檢疫要求,最後從zero-Covid政策的重大轉變。近三年之後,中國終於重新開放邊境,這個消息發送商品價格飛漲,“說UOBKH研究部門更新。研究公司認為,大宗商品價格將支持更高的建築和工業領域需求,額外補充的中國新年假期,加上中國政府的刺激措施提振經濟。“中國已經分發優惠政策幫助陷入困境的房地產市場從其曆史衰退中恢複過來。政府計劃,以幫助改善資產負債表的開發者通過延長債務和為他們提供股權融資,“說UOBKH研究,指出中國公司最近宣布,將注入850億元左右(RM53.8bil)通過逆回購和提供1620億元(RM102.6bil)新的私人開發商的信貸額度。“這將有助於改善購房者信心剩下家庭儲蓄上升經過多年的有限的消費,意味著強大的屬性,被壓抑的需求潛力”研究公司說。 However, the recovery could be bumpy as market sentiment is still expected to remain volatile in the near term, given that a commodity rally will add to the ongoing inflationary pressures, which central bankers around the world are trying to get under control. There are still rampant Covid-19 infections in China currently, which may dampen the recovery. According to UOBKH Research, a “robust and consistent fiscal policy is required to see a substantial and sustained increase in commodity prices”. “Nevertheless, we believe hard commodity prices will remain at the higher end of the historical range, backed by favourable long-term structural supply-demand dynamics and the global decarbonisation agenda. “We expect local smelters to post healthy earnings growth this year, as the industry is entering a prolonged period of high selling prices and margins backed by greater traction for commodities due to growing global demand.” The research firm maintains an “overweight” call on the sector, with top stock picks being Press Metal Aluminium Holdings Bhd and OM Holdings Ltd (OMH). “Press Metal continues to be a prime beneficiary of strong aluminium prices backed by structural supply shortage and robust demand. Riding on such favourable trends, it has hedged 35% of US$2,400 to US$2,500 (RM10,298 to RM10,727) per tonne for 2023,” said UOBKH Research. Based on the research firm’s analysis, every US$100 (RM429) per tonne change in its aluminium price assumptions would affect Press Metal’s earnings by about 9% a year. As for OMH, UOBKH Research said it was in a sweet spot to benefit from elevated ferroalloy prices, backed by structurally favourable supply-demand dynamics. “Our target price implies eight times 2023 forecast price-earnings (versus the five-year mean at 15 times). OMH’s use of low-cost eco-friendly hydropower, tax benefits and long-term earnings visibility via its capacity expansion and diversification plans put it ahead of its global peers.” Article type: free