中信证券此前表示，低粮价下，预计后续钾肥需求基本稳定，2024年全球钾肥需求有望回升至2020年水平，静待下一轮粮食周期。据美国农业部数据，全球大豆有所累库，玉米、小麦、大米及棕榈有所去库。目前主要粮食作物价格仍处于低位，后续随全球经济回暖存在进一步上行的空间，有望带动钾肥需求进一步增长。MGM Resorts International (09879) rose more than 5%, as of publication, up 5.01%, reported at HKD 7.34, with a turnover of 55.075 million HKD.
According to the Zhongtong Caijing APP, MGM Resorts International (09879) rose more than 5%, as of publication, up 5.01%, reported at HKD 7.34, with a turnover of 55.075 million HKD.
Recently, Anxin International pointed out that it is bullish on the improvement of MGM's profits driven by the stabilization and rebound of potash fertilizer prices. The bank stated that MGM Resorts International has high-quality customer resources, a large growth potential, and the sales growth rate in the next three years will remain at around 15%. In addition, China relies on imported potash fertilizers, and MGM has scarce import rights for potash fertilizers. MGM has been operating its potash fertilizer business in China for more than 20 years, establishing a comprehensive channel for the procurement of potassium chloride, and can obtain stable potassium chloride supply from major overseas potassium fertilizer producers at a competitive price.
CITIC Securities previously stated that under the low grain price, the subsequent demand for potash fertilizer is expected to be basically stable, and the global demand for potash fertilizer in 2024 is expected to recover to the level of 2020, waiting for the next round of grain cycles. According to data from the United States Department of Agriculture, there has been an increase in global soybean stocks, while corn, wheat, rice, and palm oil have decreased. Currently, the prices of major grain crops are still at a low level. There is room for further upward movement in the future with the global economic recovery, which is expected to drive further growth in potash fertilizer demand.