Morgan Stanley released a Research Report indicating that with the inclusion of new regional thermal coal and coking coal price forecasts, it has updated the profit forecast for YANCOAL AUS. Specifically, Morgan Stanley adjusted the regional thermal coal price forecasts for 2024 to 2026 from $135, $120, and $115 per ton to $137, $135, and $125 per ton, respectively; at the same time, adjusted the regional semi-soft coking coal prices from $189.7, $183.2, and $166.8 per ton to $168.9, $145.2, and $155.2 per ton, respectively.
In addition, Morgan Stanley adjusted its earnings per share forecasts for YANCOAL AUS for the fiscal years 2024 to 2026 by -6.6%, +0.8%, and +3.4%, respectively, and raised its Target Price from HKD 37.71 to HKD 39.93, giving it a 'Shareholding' rating. Morgan Stanley also anticipates that coal prices will be supported by structural imbalances in the international market. However, due to rain issues, coal production is expected to recover from last year's low base over the next 12 months.