等回吐建倉兗煤

出於過去幾年的經驗，自己組合里一股資源股也沒有，zero nothing nada null 零，347 358 2600 曾經是三寶的日子是10年前了吧，直覺上今年好像應該配置點資源股，剛好野村出了份兗州煤業(1171)報告，先瞜瞜。

野村將兗煤目標價由9.86調高至12.13，維持買入評級。

Action: Reiterate Buy; raise EPS & TP 
We reiterate the Buy rating on the stock and raise our EPS forecasts by 14- 24% for FY17-19F mainly by raising assumptions for coal sales volumes and ASPs. That prompts us to raise the DCF-derived TP by 23% to HKD12.13, implying 8x FY18F P/E. We think the stock is very attractively valued at 7x FY18F P/E, vs peers’ average of 10x. The stock also offers an average of 11% FCFE yield for FY18-19F. We prefer the stock over Shenhua (1088 HK, Buy) because we don’t like Shenhua’s power generation JV with Guodian.

根據野村預測，兗煤FY17-19的dividend yield介乎5-6%，算是非常不錯。

美中不足的是兗煤股價過去一個月已經急升了三成多，現在買有點蝕章，股價昨日創了52週新高10.20，看看有沒有機會等回吐建立基本倉位。