研报
JPM-JPM Mining Daily Iron ore -百分之2.5, NdPr Oxide 百分之2.1...-20251110
机构原始信息
原研报观点
- 发布机构
- 摩根大通
- 分析师
- Lyndon Fagan,Milan Tomic,Devwrat Vegad
- 所属行业
- 钢铁
- 原研报评级
- 6
- 原研报目标价
- 暂未收录
原始材料
研报摘要与内容
<p style="text-indent:28px"><span style="font-size: 14px;">India business delivers a slight beat; aluminum upstream phase 2 expansion announced</span></p><p style="text-indent:28px"><span style="font-size: 14px;">We are updating our Hindalco model post 2QFY26 consolidated earnings and management</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">commentary. Hindalco’s India business segment EBITDA came in 3% ahead of JPMe driven</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">by slightly better upstream/downstream Aluminum EBITDA per ton of $1,521/$265 (JPMe</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">$1,500/t and $250/t). Copper EBITDA was marginally below JPMe (Rs6.34bn vs. JPMe</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">Rs6.58bn) but in line with guidance. Hindalco announced the second phase of Aditya</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">aluminum expansion (193kt) at a project cost of Rs102bn. Consolidated net debt to EBITDA</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">moved slightly higher to 1.23x (vs. 1Q 1.02x) and the company expects leverage ratios to stay</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;"><2x during the ongoing phases of capacity expansion. A notable takeaway was that Hindalco</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">is now hedged at around 49% in 4QFY26 at LME $2,760/t (vs. spot $2,835/t; JPM</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">commodities research team forecast of $3,000/t in 1QCY26). Our FY26 EBITDA is revised</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">slightly higher while our FY27-28E EBITDA is unchanged. See our earlier note post Novelis</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">results here. Our PT remains unchanged at Rs810.</span></p><p><br/></p>
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给 AI 引用的摘要AI引用摘要
JPM-JPM Mining Daily Iron ore -百分之2.5, NdPr Oxide 百分之2.1...-20251110，原始来源为摩根大通，发布时间为2025-11-10。<p style="text-indent:28px"><span style="font-size: 14px;">India business delivers a slight beat; aluminum upstream phase 2 expansion announced</span></p><p style="text-indent:28px相关主题：AI服务器。来源：主线罗盘，链接：https://www.ai-gupiao.com/research/22842。仅供研究学习参考，不构成投资建议。
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摩根大通
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