《大行報告》麥格理升中煤能源(01898.HK)評級至「中性」 目標價上調至3.5元
麥格理發表研究報告指,中煤能源(01898.HK)管理層認為上半年煤炭銷售按年強勁增長44%。管理層維持2019財年自產煤銷售指引8,950萬噸,按年增長30%(即下半年銷售按年持平,低於麥格理預測增10%),因為預料下半年將會進行更多安全檢查。
該行又指,由於鋼鐵毛利率受壓,因此看到煉焦煤價格存在一定壓力。上半年單位成本按年增加6%,主要是受到更多外包採礦、工程費用及升級設備折舊所推動。為了逐步提高資產質量,管理層在過去數年記錄了過時的資產,上半年約有900萬元人民幣,並會繼續每年進行減值測試,以便在必要時作資產減值。公司會將派息比率維持在30%,目前沒有計劃從母公司注資。
該行將公司2019至2021每股盈利預測上調20至27%,目標價由原來的2.3元上調至3.5元,投資評級上調至「中性」。
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