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01733 E-COMMODITIES
RTNominal up1.640 +0.030 (+1.863%)
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21/06/2013 14:44

[I-bank focus]BofAML trims Winsway (01733) to HK$0.56

[ET Net News Agency, 21 June 2013] BofA Merrill Lynch trimmed its target price for
Winsway Coking Coal (01733) to HK$0.56 from HK$4, and downgraded the stock to "neutral"
from "buy".
It said the downgrade reflects lower margin on its Grande Cache coal sales; higher
inventory impairment loss; and higher risks of coal trading business.
Winsway is currently trading at 0.51x P/B, a historical trough and 42% discounted to its
peers. Hence, BofAML believes the downside is limited as the market appears to have
already factored in a very pessimistic view.
The house cut its EPS estimates to -RMB0.12 in 2013 and -RMB0.01 in 2014. (KL)

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