UBS believes that the Sichuan Panzhihua Coal Mine, a subsidiary of Hengding Industrial (1393.HK), has yet to resume production, and the price of coking coal continues to weaken, so it lowered the profit forecast for 2012-14 by 15%-21%, while cutting the target price by 20% to only HK$0.85 and maintaining sales; however, it believes Hengding will be able to achieve production and profit targets.
瑞银削恒鼎(1393.HK) 目标价至0.85港元
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