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RTNominal up2.230 +0.040 (+1.826%)

30/08/2019 14:04

{I-bank focus}Morgan lowers China Coal (01898) to HK$3.41

[ET Net News Agency, 30 August 2019] Morgan Stanley lowered its target price for China
Coal Energy (01898) to HK$3.41 from HK$3.74 and maintained its "equal-weight" rating.
The research house said China Coal's 2Q net profit rose 71% QoQ, helped by the ramp-up
of new mines. After the recent share correction, at 0.4x 2020 P/B Morgan sees current
valuation as fair, with 5% 2020 ROE. It expects the stock to react positively to the
results and sees estimate upgrades as a short-term catalyst.
Morgan raised its 2019/20/21 net profit forecasts for China Coal by 42%/17%/23% from a
low earnings base. Despite its caution on coal price, Morgan said China Coal has the
strongest volume growth among its peers, with 2019 coal sales and production to grow by
17% and 11% respectively supported by its new project commencements. (KL)

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