Group 1 - The core viewpoint of the report is that the company, Shougang Resources (00639), maintains its earnings forecast for 2026 while introducing a new forecast for 2027 at HKD 1.025 billion, with the current stock price corresponding to a P/E ratio of 16.3x for 2026 and 15.6x for 2027 [1] - The target price for the company has been raised by 13% to HKD 3.40, reflecting an implied upside of 8%, based on the expectation that the valuation of coal core assets may increase due to a longer-than-expected resource extraction period [1] - The company reported a net profit attributable to shareholders of HKD 632 million for 2025, a year-on-year decrease of 58%, with earnings per share of HKD 0.12 [1] Group 2 - The company’s net profit for the second half of 2025 was HKD 228 million, which represents a year-on-year and quarter-on-quarter decline of 65% and 43%, respectively, falling short of expectations due to high-sulfur coal output and lower washing rates [1] - The global oil and gas prices have risen significantly due to the situation in the Middle East, which may impact the company's cost structure [1] - The company has approximately HKD 7.995 billion in available free cash by the end of 2025, down from HKD 9.196 billion in 2024, and plans to distribute a final dividend of HKD 0.06 per share, resulting in a total dividend payout ratio of 97% for 2025 [2]
中金：维持首钢资源(00639)跑赢行业评级 上调目标价至3.40港元