《大行報告》大摩引述神華(01088.HK)對今年合同價格持中性至略微積極看法
摩根士丹利發表研究報告,引述神華(01088.HK)管理層指出,去年內地原煤產量按年增長8%,由於產能擴張,預期今年產量將增長至100萬噸。不過,運費上升可能抵銷如新疆等偏遠地區的銷量增長。同時,內地經濟增長復甦,以及燃煤電廠裝機量增加,有望支持今年煤炭需求。
該行指出,神華管理層考慮到今年推出的更完善政策,預計今年長期合同銷售的整體履約率將小幅上升。神華及其母公司正全力履行長期合同銷售,以確保國內煤炭供應。鑑於上述市場前景,管理層對今年的合同價格持中性至略微積極的看法。
此外,該行指神華管理層目標將繼續在股東回報和未來資本開支方面取得平衡,預期公司不低於60%的派息率在市場上具競爭力。該行予其目標價32.6元,評級「增持」。
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