YANCOAL AUSTRALIA LTD(03668.HK)：2025 RESULTS LARGELY IN LINE WITH EXPECTATIONS; UPBEAT ON VOLUME AND PRICE>EXPECTATIONS; UPBEAT ON VOLUME AND PRICE GROWTH
YANCOAL AUSYANCOAL AUS(HK:03668) Ge Long Hui·2026-02-27 22:38

机构：中金公司 研究员：Yan CHEN/Lingzhi WANG Stable payout ratio. The firm proposed to pay a total dividend of AUD0.18 /sh in 2025, representing 55% of its earnings per share for the year (vs. 50% in 2023 and 56% in 2024). Trends to watch Production and cost guidance for 2026 has increased compared to 2025, while capex guidance remains largely unchanged. According to corporate filings, Yancoal Australia guides equity-based thermal coal output at 36.5– 40.5mnt in 2026, with cash cost per tonne (excluding royalties) bei ...