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Research Report

12/05/2020 11:00

{I-bank focus}Daiwa trims China Shenhua (01088) to HK$13.5

[ET Net News Agency, 12 May 2020] Daiwa Research lowered its target price for China
Shenhua Energy (01088) to HK$13.5 from HK$16.8 and maintained its "hold" rating.
The research house said the thermal coal spot price has recently seen a significant
drop, with CCI5500 down 18% in the past two months, and Daiwa thinks it may stay weak in
the coming weeks.
Shenhua recorded a 22% drop in its 1Q earnings due to the COVID-19 impact and Daiwa
expects its 2Q earnings to still be under pressure with a further coal price drop.
However, Daiwa thinks these negatives may have largely been priced in as its share price
is down 17% year-to-date, while the downtrend in coal price also seems to be slowing down.
The research house cut its 2020-21 EPS forecasts by 16-18% on lower coal price
assumptions. (KL)

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