Bank of America Securities: Downgrades the ratings of China Shenhua Energy and Yankuang Energy, prefers PETROCHINA.
Bank of America Securities released a research report recommending investors choose defensively positioned 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), due to expected limited growth in coal demand, high inventory levels historically, and ongoing import threats. The bank forecasts that this year's thermal coal price will be 720 RMB per ton (a year-on-year decrease of 16%), and spot prices will be lower than contract prices from the second to the third quarter, while coking coal prices will be 1 per ton.
Bank of America Securities: Maintains a "buy" rating on AIA, with a target price of 92.2 Hong Kong dollars.
Bank of America Securities released a research report stating that it maintains a 'Buy' rating for AIA (01299), with a Target Price of 92.2 Hong Kong dollars. The bank expects that AIA China's new business value profit margin will reach 56% in 2024 and 55% in 2025, higher than 51% in 2023. In addition to benefiting from lower insurance costs and guaranteed interest rates, the bank believes that the strong growth in AIA China's retirement insurance sales is the main driving force. The report states that according to domestic media reports, AIA China's first-year premium income for retirement insurance from January to October 2024 exceeded 2.4 billion yuan, ranking first among peers. Although
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