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《大行報告》大摩:兗礦(01171.HK)首三季業績遜預期 內地煤平均售價令人失望
摩根士丹利發表報告指出,兗礦(01171.HK)首三季業績遜預期,按中國會計準則,淨利潤按年跌46.8%至155.25億元人民幣。剔除一次性項目,期內核心淨利潤按年跌46.9%至142.49億元人民幣。 單計第三季,公司淨利潤按季增長17%至45億元人民幣,低過該行預期的49億元人民幣。由於公司首九個月的淨利潤僅佔該行及市場對其按國際財務報告準則(IFRS)的全年預測的67%及75%,因此季績未符合預期。 該行認為,與神華(01088.HK)首九個月淨利潤按年跌16%及中煤能源(01898.HK)跌14%相比,兗礦淨利潤跌幅最大。除海外煤價回落30%外,兗礦內地各區煤平均售價錄得20%至30%的下跌。相較於兗礦,該行更為偏好其子公司兗煤澳大利亞(03668.HK)。該行對兗礦目標價為13.6元,評級「減持」。
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