[ET Net News Agency, 25 July 2019] Daiwa Research lowered its target price for China
Shenhua Energy (01088) to HK$16.8 from HK$19.2 and maintained its "hold" rating.
The research house said Shenhua's share price has fallen by 14% since late March,
likely due to earnings dropping in 2018 and 1Q 2019, management's conservative guidance
for 2019, and a downtrend in coal prices since March.
Daiwa said Shenhua's recurring earnings dropped by 4% in 1Q due to the lower coal ASP
and sales volume. This situation will likely continue into 2Q. But Daiwa considers
Shenhua's 2019 dividend yield of 6% to be attractive, supported by its strong financial
position.
It revised down its 2019-20 EPS forecasts by 7-9% on lower coal sales volume
assumptions. (KL)
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01088 CHINA SHENHUA
Nominal 
31.950 -0.150 (-0.467%) Research Report
25/07/2019 09:50
[I-bank focus]Daiwa lowers China Shenhua (01088) to HK$16.8
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