报告名称：Shougang Fushan Alert(00639.HK)Coking coal price to rise. BUY Fushan
报告类型：港股研究
报告日期：2016-04-06
研究机构：德意志银行
股票名称：首钢资源
股票代码：00639
页数：1
简介：As a pure coking coal player, Shougang Fushan should benefit from the upcoming coking coal price hike and improve its profitability. Every RMB10/t ASP hike will likely increase the company’s 2016DBe EBITDA by c.RMB30m (or 5%). Meanwhile, Fushan holds net cash of HK$5,118M, (HK0.97$/share) and its net cash right now is at similar level to that of its market cap. We believe the company currently represents deep value and has strong catalysts to re-rate. We reiterate Buy on Fushan with a target price of HK$1.5, implying 50% upside potential.
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