Yanzhou Coal's long-term future remains grim.
No-moat Yanzhou Coal’s strong first-quarter growth, with recurring net profit rising 34% year over year to CNY 2.2 billion under PRC GAAP, reflects the company’s aggressive capacity expansion, despite the weakening trend in benchmark BSPI coal prices. First-quarter commercial coal production jumped 35% year over year, with Yancoal Australia contributing more than 80% of the increment, following its acquisition of Coal & Allied in September 2017. This is in line with our expectations, and we ...Yanzhou Coal Mining is engaged in the production of coal, which involves the mining, washing, processing and distribution of coal through railway transportation. Co. offers coal products including thermal coal, semi-hard coking coal, semi-soft coking coal, PCI coal and other mixed coal products which are sold to power plants, metallurgical mills, chemical manufacturers, construction material manufacturers and fuel trading companies in the People's Republic of China and other countries, including Japan and South Korea. Co. is organized into 3 operating divisions: coal mining, coal railway transportation and methanol, electrical and heat supply.
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