美银证券下调神华的评级由“买入”降至“中性”，目标价降23%至34港元，又将兖矿能源(01171)的评级由“买入”下调至“跑输大市”，目标价下调38%至8港元。该行对中煤能源(01898)保持“中性”评级，目标价下调9%至9.7港元。Bank of America Securities expects the price of thermal coal this year to be 720 yuan per ton (a 16% year-on-year drop).
According to Zhito Finance APP, Bank of America Securities released a research report suggesting that investors choose defensive state-owned enterprises. The bank is Bullish on PETROCHINA (00857), which has strong cash flow, maintaining a 'Buy' rating and lowering the Target Price by 3% to 7.8 HKD.
The report states that this year is Bearish on the Coal Industry and China Shenhua Energy (01088), as limited growth is expected in coal demand, with inventory at historical highs and facing ongoing import threats. The bank expects the price of thermal coal to be 720 RMB per ton this year (down 16% year-on-year), with spot prices in the second to third quarter being lower than contract prices, while coking coal prices are anticipated to be 1,400 RMB per ton.
Bank of America Securities downgraded the rating of Shenhua from 'Buy' to 'Neutral', with the Target Price reduced by 23% to 34 HKD, and also downgraded YANKUANG ENERGY (01171) from 'Buy' to 'Underperform', lowering the Target Price by 38% to 8 HKD. The bank maintains a 'Neutral' rating on China Coal Energy (01898), with the Target Price reduced by 9% to 9.7 HKD.
