China Coal Energy's results beat expectations Capital management giant BlackRock has bought resource stocks in a big way
The coal full industry chain giant China Coal Energy (01898.HK) announced in the evening of 11th that it expects to achieve a net profit of 6.45~7.13 billion yuan in the first quarter of 2022, an increase of 83.8% to 103.2% year-on-year.
China Coal Energy said that in the first quarter, the company's main product prices were running at a high level, and the company increased production and supply to protect energy supply, strengthen management management and control costs, as well as confirming the increase in investment income of the participating enterprises to make the results increase significantly year-on-year.
The super-expected results immediately stimulated the stock price, the company's shares rose by more than 17% in early trading, now at HK$6.8, up 12.84%.
Institutions fire up earnings forecasts
Guotai Junan said, benefiting from the high boom in the coal market, the performance exceeded expectations. Upgraded 2022~2023 EPS to 1.68, 1.81, 1.88 (former 1.36, 1.45, 1.51) yuan, raised target price to 13.44 (former 10.88) yuan based on industry average 8xPE in 2022, maintained HOLD rating.
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