Goldman Sachs says investment opportunities have not yet come quickchm

Resource stocks rose Goldman said future investment opportunities are facing U.S. stock market center: exclusive national industry sector stocks, premarket after hours, ETF, real-time quotes stock warrants Sina News Beijing time 22 days morning news, as commodity rebound, the recent global mining stocks sharply higher last week, the world’s largest listed copper enterprises (Freeport-McMoRan FCX) rose 27%. However, Goldman Sachs believes that supply side adjustment is not enough to bring investment opportunities for resource stocks. Last week, GLNCY rose by about 18%, VALE rose by 10%, Rio Tinto (RIO) rose by 2.5%, BHP Billiton (BHP) rose by 4.6%. Goldman Sachs analyst Hugo Scott-Gall entitled "mining long slow recovery" report pointed out: "a core issue in our analysis of whether the supply side adjustment process has the potential to bring investment opportunities in resource stocks? The answer is no, the adjustment process has a long way to go." Goldman Sachs pointed out that although mineral company is cutting capital spending, cutting dividends and disposal of assets, it is not enough to close a large part of excess capacity. Only when mineral company faces liquidity exhaustion and is unable to refinance for operations will large-scale capacity close down, Goldman Sachs reported. "The super cycle of this resource is a classic case of supply growth that eventually forced prices down," Goldman Sachs pointed out. Goldman Sachs analyst team pointed out that mineral company self healing process is divided into 4 stages, and now is the cost reduction "efficiency improvement" stage. At present, most of the mineral company are at this stage, almost all large mineral company over the past few quarters have shown to enhance the rate of production and cost reduction. However, about mineral company really control cost only 20%, local currency devaluation is a part of energy prices is a part (about 10% of the total cost). However, the collective cost reduction by industry players only brings a wave of deflation (a decline in commodity prices) rather than a real supply adjustment. What is needed now is a surge in productivity, a revolution in mining technology. Now automation has arrived, but like drones, it’s still in its infancy, "Goldman said. (Tony compiler) Chengwei Section Editor: SF132

资源股大涨 高盛称投资机会尚未来临 美股行情中心:独家提供全美股行业板块、盘前盘后、ETF、权证实时行情   新浪美股讯 北京时间22日上午消息,随着大宗商品反弹,最近全球矿业股大幅走高,上周全球第一大上市铜企Freeport-McMoRan(FCX)上涨27%。不过高盛(Goldman Sachs)认为供应侧的调整尚不足以带来资源股的投资机会。   上周嘉能可(GLNCY)上涨大约18%,淡水河谷(VALE)上涨10%,力拓(RIO)上涨2.5%,必和必拓(BHP)上涨4.6%。   高盛分析师Hugo Scott-Gall等在题为《矿业漫长缓慢复苏》的报告中指出:“我们分析中的一个核心问题是:供给侧调整过程是否已经足以带来资源股的投资机会?答案是否定的,调整过程还有很长一段路要走。”   高盛指出,尽管矿业公司在削减资本支出、削减股息和处置资产,但尚不足以让很大一部分过剩产能关闭。只有当矿业公司面临流动性枯竭、无法为运营获得再融资的时候,才会大规模关闭产能,高盛报告称。   “这一资源的超级周期是供应增长最终迫使价格下跌的经典案例,”高盛指出。   高盛分析师团队指出,矿业公司的自我疗伤过程分为4个阶段,现在所处的是成本削减的“效率提升”阶段。目前大部分矿业公司都处于这个阶段,几乎所有大型矿业公司过去几个季度都表现出生产率提升和进行了成本削减。   不过,矿业公司真正控制的成本只有20%左右,本地货币贬值是一部分,能源价格下跌也是一部分(大约占总成本的10%)。“然而,行业玩家集体削减成本仅仅带来了通缩浪潮(即大宗商品价格下跌),而非真正的供应调整。现在需要的是生产率的激增,一场矿业技术革命。现在自动化已经到来,但就像无人机一样,仍处于初级阶段,”高盛指出。(Tony 编译) 责任编辑:段呈伟 SF132相关的主题文章: