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Research Report

27/04/2020 17:05

{I-bank focus}Huatai sees positives in China Shenhua (01088)

[ET Net News Agency, 27 April 2020] Huatai Research said China Shenhua Energy's (01088)
1Q result was weak as expected, given the operation weakness across major segments amid
the COVID-19 breakout.
But the research house highlighted several positives (1) rapid recovery of coal output
to 74.4mt, (2) normalized coal unit cost at RMB124/t, and (3) strong railway margin at
52%. It expects that Shenhua's 2020 net profit may decline to RMB35bn, implying a 7%
dividend yield based on 50% payout and 24 April closing price.
Huatai maintained its "buy" call on China Shenhua, with a target price of HK$19.6. (KL)

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