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01088 CHINA SHENHUA
RTNominal up13.540 +0.060 (+0.445%)
Research Report

15/04/2020 17:26

{I-bank focus}Morgan cuts China Shenhua (01088) to HK$19.77

[ET Net News Agency, 15 April 2020] Morgan Stanley lowered its target price for China
Shenhua Energy (01088) to HK$19.77 from HK$23.1 and maintained its "overweight" rating.
The research house said Shenhua's 2019 results missed on a cost spike in 4Q. But Morgan
still sees Shenhua as its relative preferred pick. This is supported by its strong balance
sheet which not only helps through coal price volatility but also provides visibility to
its dividends.
In addition, its commitment to a higher dividend is an added positive in the current
low-interest-rate environment. Morgan revised down its 2020/21 net profit estimates by
10%/12% respectively. (KL)

Remark: Real time quote last updated: 25/09/2020 17:59
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