【出版时间及名称】：2010年3月澳大利亚金属与矿产行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：
is in nickel, where we have raised our price forecasts by
up to 27%. We remain above consensus in iron ore and
coking coal. Our copper price forecast has been
increased to US$3.31/lb from US$3.18/lb for 2010, and
peaks at US$3.60/lb in 2013. Further details are
published by our Commodities analyst, Peter
Richardson (see Morgan Stanley Global Metals
Playbook – 2Q 2010, March 31, 2010) and changes are
summarized in this report.
Australian Mining Balance Sheets Strong: Mining
company balance sheets are rapidly accumulating cash.
We forecast the Australian mining sector to be in a net
cash position over the next 12 months. Even Rio Tinto,
which had gearing in excess of 60% (ND/ND+E) at the
start of 2008, should be free of debt by the end of C2012.
We expect mining companies to increase guidance for
capex and growth estimates – particularly in iron ore,
coal and copper.
Excess Cash: We think there is a possibility that over
the next 24 months mining companies could look to
return excess cash to shareholders – in total potentially
up to US$43bn. We think that unless asset valuations
decline materially, M&A will be difficult for companies
due to the conservative outlook, and spending on growth
could be constrained by availability of skilled labour and
potentially equipment.
We Like Nickel, Copper, and Bulks: We have an out
of consensus Overweight rating and price target for
Western Areas. We are also ahead of the market on
price targets for PanAust, Equinox, Macarthur Coal, and
Iluka.
Diversified Miners: Based on our mid-cycle earnings
estimates, BHPB is trading at a P/E of 12.7x and RIO is
at 8.8x compared to their long-run averages of
15.0-15.5x. Summary models are in this report.

【出版时间及名称】：2010年3月中国牛肉行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：69
        【目录或简介】：