Completion of Coal-Chemical Restructure Leads to Datang’s Profit Warning; Core Business On Track
Datang’s warning of a significant 180%-190% year-over-year drop in profit was well expected, and is mainly driven by a CNY 5.5 billion one-off loss following the completion of its coal-chemical asset disposal. We estimate the power segment should remain largely flat, driven by a decent 6%-8% year-over-year rise in power output in the third quarter, offset by a lower average tariff amid increasing share of discounted direct power sales and rising coal prices. After fine-tuning our valuation model...
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