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《大行报告》瑞银降神华(01088.HK)评级至「中性」 目标价维持17.5元
阿思达克 05-14 10:10
瑞银发表研究报告指,料中短期内对煤的依赖仍会持续,主要由於预期能源行业混合过渡至可再生能源仍需要一段时间,加上近日数据反映华北煤炭库存回落至低於长期平均水平,反映供需关系较紧张,并受安全事故及环保检查等因素阻碍,亦将进一步为未来煤价提供支持,将今年全年秦皇岛港5000K煤价预测上调至每吨700元人民币,意味今年余下时间平均价格约690元人民币水平。

瑞银指出,神华(01088.HK)有超过80%业务敞口来自合约销售,预期从煤价上升中受惠最少。对比兖煤(01171.HK)及陕西煤业每吨平均售价预期可提升逾90元人民币,瑞银估计神华只可提价每吨少於80元人民币。

瑞银将神华今明两年盈利预测上调3%及1%,至475亿及473亿元人民币,以反映煤价上升因素,但认为股价上行空间有限,评级由「买入」降至「中性」,维持目标价17.5元。

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