机构：中银国际 研究员：Lawrence LAU/Rainey DAI The company significantly raises its payout ratio. Sharp rise in coal prices. Valuation We raise our target price from HK$7.21 to HK$7.57 to reflect the increases in our earnings forecasts. Our target valuation remains 5% average 2025-27 dividend yield. In 3Q25, the ASP of its coal rose 7% QoQ, with both the realise price of thermal coal and coking coal increased. The sales volume of olefin grew 6% QoQ as the production ramped up following the completion of major overhaul ...