《大行報告》富瑞:中資煤炭股回調後可重新關注 首選中煤、神華
富瑞發表研究報告指,據該行對中資煤炭股第三季盈利估算,料中煤能源(01898.HK)按季基礎上可跑贏同業,主要是受惠於銷量改善及確認較少資產減值。神華(01088.HK)及兗礦能源(01171.HK)料相對按季持平。經過近期股價回落,認為應重新關注中資煤炭股。該行予中煤、神華及兗礦能源H股目標價分別9.74元、35.49元及49.51元。
報告稱,以中國會計準則計,料中煤第三季純利76.51億元人民幣,按季升16.2%,按年升79%;料兗礦第三季純利117億元人民幣,按季升3%,按年升113%;料神華第三季純利204億元人民幣,按季跌10%,按年則升38%。
該行將中煤、神華列為行業首選;指神華股息率逾15%屬吸引,純利穩定,不受現貨煤價波動影響。另中煤第三季純利強勁料為短期催化劑。該行認為兗礦是投資現貨煤價市場的代替品,料邁向11月需求高峰將迎來強勁催化劑。
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