摩根士丹利发表研究报告指，神华(01088.HK) 宣布2025至2027年的派息比率不低于65%，高于2022至24年的60%。由于集团在2022至2023年的派息率为70%，大摩认为新指引显示其股息有温和上升空间。
该行表示，神华以8.526亿元人民币向母公司收购杭锦能源100%股权。在煤炭价格下跌及缺乏内生增长的背景下，该行认为收购母公司资产提供了增长途径，而不会令已经供过于求的煤炭市场恶化。不过，该行指出，神华拥有620亿人民币净现金，因此交易对其股息影响有限。
大摩认为，集团更新派息指引及资产注入属略为正面，予目标价38元，评级为“增持”。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-21 16:25。)
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