Report
Jennifer Song
EUR 147.86 For Business Accounts Only

China Coal’s First Half Beats on Impressive Cost Cuts; We Raise FVE to HKD 2.90

We raise our fair value estimate for China Coal to HKD 2.90 per share from HKD 2.00, following the company’s impressive cost cuts, which more than offset the coal price decline and led to a turnaround for EBITDA in first-half 2016. While we’ve yet to turn positive on the prospects for coal producers, as serious oversupply remains, we think coal prices are likely to increase further in the coming quarter, given the moderate recovery in power demand evidenced by continued improvement in average da...
Underlying
China Coal Energy Co. Ltd. Class H

Provider
Morningstar
Morningstar

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.

Analysts
Jennifer Song

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