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兗煤(01171.HK)放棄私有化澳煤企YANCOAL @ 2014-03-24T15: Back Hot News
Keyword:兗煤
Concept:兗煤去年業績
公司2013年業績方面,中石化(00386.HK)純利同比上升3.5%,低於我們預期4%,主要源於資產減值令4季度業績波動較大,公司前景仍然正面,股價今天走平。龍湖地產(00960.HK)純利同比上升27.6%,高於預期;華潤置地(01109.HK)純利上升39.1%,符合預期。兩家地產毛利率均出現明顯的同比下跌。股價分別上升2.6%和1.1%。兗煤(01171.HK)純利同比下跌87.5%,倒退幅度好於預期,主因煤價略好於預期以及成本低於預期。股價上升6.7%。華電國際(01071.HK)純利同比增長183%,高於我們預期9%,股價上升4.6%。國藥(01099.HK)純利增長13.7%,符合預期,公司淨利潤增長低於醫藥行業整體預期。股價跌2%。酷派(02369.HK)13財年下半年純利同比跌21.4%,差於預期,主因4G手機貢獻較低以及一次性費用影響,股價下跌10%。長城汽車(02333.HK)純利同比增長44.5%,符合預期,SUV銷售持續增長,毛利率有所提高,股價上升8%。江蘇寧滬(00177.HK)純利同比上升16.1%,好於預期,主因投資收益高於預期,股價走平。
    里昂指兗州煤業(1171)的澳大利亞公司去年業績較差,EBITDA大幅下跌72%至4400萬澳元,但毛利率只微跌0.7基點,主因生產成本下降抵銷了煤價下跌的影響。而除息稅前虧損達2.27億澳元,去年下半年淨負債亦增加2.9億澳元。雖然過往3個月兗煤股價已下跌近35%,基本已反映預期本月21日公布的業績差勁;但因里昂對煤業前景仍然不樂觀,因此維持兗州煤投資評級「跑輸大市」,目標價下調9%至6元。里昂稱,雖然兗煤股價最近已大幅下挫,但由於兗煤財務槓桿比率仍偏高,加上煤價反彈空間有限,未來盈利增長及毛利率仍不樂觀,下調兗州煤2013年至2014年的盈利預測分別為6%至8%。

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