Yanzhou’s Strong First Half Slightly Ahead; Raising FVE to HKD 5.80 on Strong Capacity Growth
Despite strong year-over-year growth, no-moat-rated Yanzhou Coal’s first-half net profit of CNY 3.5 billion reflects a weaker second quarter, with profit falling 35% sequentially to CNY 1.4 billion. However, this slightly exceeded our expectations, owing to better-than-expected cost management, with unit production costs remaining fairly stable despite a 7.4% production cut compared with the first quarter. We think Yanzhou’s strong capacity expansion remains a near-term attraction. The company s...
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