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中化化肥(00297.HK)：维持买入评级 目标价上调至2.2元

Sinochem Fertilizer (00297.HK): Maintain the purchase rating target price and raise it to 2.2 yuan

美林國際 ·  Dec 25, 2018 00:00  · Researches

Bank of America Merrill Lynch raised the target price of Sinochem Fertilizer (1.92, -0.02, -1.03%) (00297.HK) from 1.8 yuan to 2.2 yuan to reflect that its Qinghai Salt Lake (000792.SZ) market valuation reached 1.85 yuan per share and the discounted cash flow valuation of the core business was 0.35 yuan, while the current price valuation of the company's core business was only 0.09 yuan per share. Maintaining the “buy” rating because the company's valuation lags behind; it can be driven by production and distribution integration and product portfolio improvements over the long term; and increasing the share of Qinghai Salt Lake at a lower cost will increase the return on equity

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