Core Viewpoint - CCB International's research report indicates that Yancoal Australia experienced a 9% year-on-year decline in production in Q3 due to rainfall, while sales increased by 3% year-on-year due to improved shipment conditions [1] Financial Performance - The average selling price for the period decreased by 18% year-on-year, aligning with market trends [1] - Estimated revenue for Q3 is approximately AUD 1.48 billion, representing a 17% year-on-year decline but a 30% quarter-on-quarter increase [1] Earnings Forecast - The earnings forecasts for Yancoal Australia for FY2025 to FY2027 have been revised downwards by 54%, 49%, and 40% respectively, primarily due to lowered average price predictions for thermal and metallurgical coal [1] - The slight increase of 2% in sales forecasts is attributed to increased equity from the Moolarben mine [1] Investment Rating - Despite weak coal prices leading to a lack of short-term catalysts for the stock, the firm maintains a "Buy" rating based on the company's robust balance sheet and ongoing dividend policy [1] - The target price has been adjusted from HKD 34 to HKD 31 [1]
大行评级丨招银国际：下调兖煤澳大利亚目标价至31港元 短期欠缺催化剂