《大行報告》大摩上調兗礦能源(01171.HK)目標價至18元 評級「減持」
摩根士丹利發表報告,預計澳洲項目能為兗礦能源(01171.HK)今年至2024年各年息稅前利潤分別貢獻了50%、36%及30%,並將公司今年至2024年各年每股盈測分別上調14%、12%、14%,並將其目標價由15.85元上調至18元,維持其評級為「減持」。
報告稱,市場或對公司煤化工業務盈利逐漸改善態勢過分樂觀,該行料其煤化工業務毛利今年升62%,但料僅貢獻整體毛利12%。兗礦能源的煤業務是盈利主要引擎,在該行覆蓋煤股中,煤價對兗礦能源盈利敏感度最高,該行認為正面因素已反映於股價,料今年煤價將回調至每噸730元人民幣。
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