Jinwu Financial News | Coal stocks generally rose. Yancoal Australia (03668) rose 2.8%, China's Qinfa (00866) rose 2.56%, Shougang Resources (00639) rose 2.56%, and Power Development (01277) and China Shenhua (01088) followed.
According to the news, the Open Source Securities Research Report said that the coal sector is expected to welcome the starting point of a rearrangement. This round of investment combines high dividends and cyclical flexibility. The high dividend investment logic for coal stocks is still the main line. In the current weak economy and low interest rate environment, capital pays more attention to the certainty of investment returns. According to our previous estimates, even if the price of thermal coal is 800 yuan, most coal companies still have high dividend rates; we can determine the room for future sector growth from the two dimensions of high dividends and undervaluation of coal: First, if the sector's stock price rises, the dividend rate will fall. When the dividend rate falls back to the bank's long-term loan interest rate difference The magnitude of the change is the capital gain space for the sector to rise; the second is The undervaluation of coal stocks shows that the average value of PE with a static price-earnings ratio corresponding to the 2023A performance of many key coal companies is about 8 times. China Shenhua is an example of the coal sector's valuation increase, and the static PE currently exceeds 13 times in 2023. China Shenhua is expected to act as an anchor for the sector's valuation increase.