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...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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