本报告属于小摩对黄金的定期报告
副标题 News, Earnings & Valuation Metrics and Gold price trends
摘要
SA gold shares were mixed in  the  week with Sibanye Gold (-1%) outperforming local peers by at least two percent. The stock remainsone of the cheapest in our coverage universe, trading at a spot P:NPV of 0.59x, below ANG at 1.42x and DRD at 1.46x. Uncertainty persistsinSA in terms of a wage settlementwith AMCU. The risk of further industrial action remains,  in  our view, as AMCU has not accepted the  NUM-negotiated wage settlement. While the Chamber has warned that astrike
by AMCU would be considered unprotectedin SA labour law, Deputy President Kgalema Motlanthe has stated that this was not the case, in his view. In the event of a strikeon the West Wits, the stocks impacted most would be  Sibanye Gold (Driefontein),  Harmony (Kusasalethu)  and AngloGold Ashanti (West Wits). On an equities relative basis our picks are Sibanye Gold, HarmonyGold, Randgold Resources and Koza Gold.