Investment idea: SA PGMs
Автор: PSG Financial Services
Загружено: 2023-08-21
Просмотров: 277
Описание:
In this report we look at SA’s major platinum producers in the wake of the poor year-to-date (YTD) performance:
Major SA PGM producers are down 30% to 40% on a YTD basis and have underperformed resource peers.
YTD PGM prices are also lower: platinum (-15%), palladium (-30%) and rhodium (-67%). YTD Gold is 7% higher.
Rhodium contributed roughly one third of FY22 revenue for each of the leading PGM producers.
Amplats declared a substantially lower dividend and peers are likely to do the same.
Depressed PGM prices, especially rhodium have led us to lower our estimates and intrinsic values.
Low P/E’s are not good predictors of future outperformance relative to the JSE ALSI.
We have changed our Amplats recommendation from sell to hold and our Sibanye recommendation from hold to buy. We maintain a hold recommendation on Implats.
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