Goldman Sachs: Upgrade CHINA XLX FERT (01866) to "Buy" with a target price raised to HK$14.
The company recommends distributing a final dividend of 0.32 RMB per share, which means the dividend payout ratio for 2025 is 42%, compared to 22% in 2024.
Goldman Sachs released a research report stating that CHINA XLX FERT (01866) performance in 2025 is below the bank's expectations and market consensus, mainly due to lower than expected urea sales. The company recommended distributing a final dividend of 0.32 RMB per share, indicating a dividend payout ratio of 42% in 2025, compared to 22% in 2024. The bank raised the company's continuous operating profit forecasts for 2026, 2027, and 2028 by 43%, 19%, and 16% respectively, taking into account higher urea prices and coal chemical profits, sufficient to offset higher benchmark thermal coal prices. The rating was upgraded from "Neutral" to "Buy", with the target price raised from 8.5 Hong Kong dollars to 14 Hong Kong dollars.
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