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美銀美林:升中煤(1898.HK)目標價至3.9港元 評級“買入”
格隆匯 10-30 11:51

美銀美林發表研究報告指出,雖然有不少大型新煤礦進入市場,但隨着踏入冬季供暖季節,市場對煤炭的潛在需求回升,中煤(01898.HK)管理層料第四季煤炭均價大致穩定,惟有下行風險,而公司則未留意到有任何收緊進口煤的政策出台。

該行指,歸因於公司過去簽訂「3+2」的長期合約,基準煤價定於每噸535元人民幣,煤價下行空間有限,管理層料國內煤價下跌對其盈利影響有限。由於中煤首三季業績勝預期,因此調升集團2019/20年盈利預測21%及10%,目標價由3.85港元升至3.9港元,評級維持“買入”

該行引述管理層認為整個行業的煤化工產品前景短期仍然疲弱。該行預期,未來數年煤炭產量維持增長,而成本控制仍是重要的針對議題。

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