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《大行報告》大和下調神華(01088.HK)目標價至13.5元 評級「持有」
阿思達克 05-12 09:59
大和發表研究報告指,動力煤現貨價格已經大幅下跌,預期未來幾星期價格仍會疲軟,考慮到煤炭價格有進一步下跌可能,估計中國神華(01088.HK)第二季以至全年盈利仍要承受壓力。

受疫情打擊,神華首季純利按年跌22%,但該行認為,其股價年初至今已累跌17%,進一步下跌空間料有限,煤炭價格下跌趨勢亦似乎有所放緩,相信負面因素已大部分被市場反映。大和預期,在強勁的資產負債表支持下,神華今年度股息率料達6.6%,具吸引力,因此維持「持有」評級。

考慮到該行下調煤價預測,大和將神華2020至2021年每股盈利預測降低16%至18%,並下調估值基礎,由預測今年度市帳率0.8倍降至0.7倍,目標價相應由16.8元下調至13.5元。

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