Yanzhou’s Decent 2018 Results Largely in Line; Capacity Expansion Remains Key Growth Driver in 2019
Following largely in line results, we maintain both our 2019 net profit forecast of CNY 9.7 billion as well as our fair value estimate of HKD 8.00 per share for no-moat rated Yanzhou Coal, as key production assumptions and our long-term bearish coal price outlook are unchanged. Following a 42% share price rise from the bottom of HKD 5.96 at the beginning of 2019, we think the shares are fairly valued, with an uptick in production growth and coal prices largely reflected.Along with a slowing eco...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.