Credit Suisse Starts Winsway at "Neutral" & HK$1.2
July 25 (ET Net) Credit Suisse initiated coverage on Winsway Coking Coal (01733) with a "neutral" rating and a target price of HK$1.2.
It believes Winsway's earnings will likely come off from its 2011 peak more severely than coking coal prices, driven by decreased coking coal prices, a squeezed GP margin and low transaction volumes in the current stagnant market. Hence, Credit Suisse believes the current share price is fair given the deteriorated earnings of Winsway.
It believes Winsway's earnings will likely come off from its 2011 peak more severely than coking coal prices, driven by decreased coking coal prices, a squeezed GP margin and low transaction volumes in the current stagnant market. Hence, Credit Suisse believes the current share price is fair given the deteriorated earnings of Winsway.
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