Datang’s First Half Surprisingly Beats Expectation; More Details After Result Briefing
No-moat Datang’s first-half 2016 results beat our expectation, with net profit declining 19% to CNY 171 million, making up 68% of our full-year forecast. Despite weak utilization and lower tariffs, Datang’s power segment saw an impressive 2% increase in profit before tax, which we think may be driven by a significant coal cost reduction of more than 20%, compared with a 16% decline for the benchmark index (the Bohai Rim Steam Coal Price Index). While the company’s efforts in low-emission upgrade...
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