02/21/2025, 05:53 AM UTC
BHP集团：长期偏好力拓，维持中性评级BHP Group: Long-Standing Preference For Rio Tinto, Neutral Rating Confirmed
1、由于风险回报平衡和对力拓较低估值及有机增长的偏好，维持对BHP集团的 Neutral评级。2、BHP 2025年上半年结果显示销售额下降20亿美元，EBITDA下降11%，尽管运营表现强劲且单位成本降低，但生产指导未变。3、预计BHP的净债务将上升至150亿美元，股息支付将削减50%，原因是资本支出计划和赔偿成本。1. Maintain a neutral rating on BHP Group due to balanced risk-reward and preference for Rio Tinto's cheaper valuation and organic growth. 2. BHP's H1 2025 results showed a $2 billion sales decline, an 11% drop in EBITDA, and unchanged production guidance. 3. BHP's net debt expected to rise to $15 billion, dividend payout trimmed by 50% due to CAPEX plans and settlement costs.---
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