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《大行报告》麦格理升中煤能源(01898.HK)评级至「中性」 目标价上调至3.5元
阿思达克 09-12 15:10

麦格理发表研究报告指,中煤能源(01898.HK)管理层认为上半年煤炭销售按年强劲增长44%。管理层维持2019财年自产煤销售指引8,950万吨,按年增长30%(即下半年销售按年持平,低於麦格理预测增10%),因为预料下半年将会进行更多安全检查。

该行又指,由於钢铁毛利率受压,因此看到炼焦煤价格存在一定压力。上半年单位成本按年增加6%,主要是受到更多外包采矿、工程费用及升级设备折旧所推动。为了逐步提高资产质量,管理层在过去数年记录了过时的资产,上半年约有900万元人民币,并会继续每年进行减值测试,以便在必要时作资产减值。公司会将派息比率维持在30%,目前没有计划从母公司注资。

该行将公司2019至2021每股盈利预测上调20至27%,目标价由原来的2.3元上调至3.5元,投资评级上调至「中性」。

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