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《大行報告》大摩上調兗礦能源(01171.HK)目標價至12.8元 評級「減持」
摩根士丹利發表報告,上調對兗礦能源今年至後年淨利潤預測10.7%至14.1%。同時爲反映煤價上升。該行亦上調秦皇島5,500卡動力煤煤價假設,由每噸700元人民幣上調至730元人民幣,該品種煤價於第一季爲每噸780元人民幣。該行亦計入公司管理層今年煤及煤化工產量目標,有關目標意味分別按年增產6.6%及按年減產6.2%。 該行上調對兗礦能源H股目標價,由11.23元上調至12.8元,但維持「減持」評級。樂觀情景目標價由16.38元上調至18.74元,反映煤化工產品毛利率估計由45%上調至55%;悲觀情景目標價由7.15元上調至8.18元,反映煤化工產品毛利率估計由20%上調至30%。
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