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《大行報告》里昂下調神華(01088.HK)目標價至14.82元 評級「跑贏大市」
阿思達克 04-29 11:35
里昂在研報中指出,神華(01088.HK)2020年首財季收入按年下跌22.4%,達到市場預期全年度收入約26%,毛利則達全年預測的24%。但由於4月至今動力煤價格下跌幅度大於預期,因此將其今、明兩年盈利預測下調8.4%及4.8%。

神華期內自產煤平均售價按年跌0.5%至409元人民幣,但年度合約及現貨售價分別升4%及18%,抵消了每月合約價格的10%跌幅。今年首季未有錄得一次性投資收益,令其他收益按年下跌63.8%。

該行表示,未來煤價下行空間有限,料於五月觸底,估計今年均價降至403元人民幣;又指神華現價為今年度企業價值倍數(EV/Ebitda)約3.4倍,而股息率達8.5%,因此維持「跑贏大市」評級,目標價由15.95元下調至14.82元,以反映約3.7倍EV/Ebitda。

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