《大行報告》國泰君安首次覆蓋兗煤澳大利亞(03668.HK) 評級「增持」目標價42.09元
國泰君安發表報告,首次覆蓋兗煤澳大利亞(03668.HK),預測公司2024至2026年純利分別為18.03、18.11、18.11億澳元,參考行業可比公司2024年市盈率水平,給予公司今年6倍市盈率,給予42.09港元目標價及「增持」評級。
報告指,去年下半年,產銷量恢復帶動成本下行,兗煤澳大利亞噸煤成本大幅下降至每噸86澳元,較上半年下降每噸23澳元。公司今年恢復工作的重點將轉移到優化成本及最大化經營利潤率方面,噸煤成本有望進一步下行。
截至2023年底,公司資產負債率降低至25%的低水平,現金及等價物賬面餘額13.39億澳元,2023年利息支出僅0.2億澳元;公司維持較高的分紅派息率(50%),目前公司在手現金充足,當前暫無重大資本開支項目,預計未來仍將維持較高分紅派息率,去年公司合計每股派息3.55港元,按當前股價測算股息率11.3%。
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