China Coal’s Positive Profit Alert Points to Weaker 2Q after Robust 1Q, FVE Stays at HKD 3.38
Although China Coal’s positive 2017 first-half profit alert is no surprise, the preliminary result of CNY 1.5-1.8 billion indicates a significant sequential net profit decline of 36%-64% in the second-quarter. We think the slight softening in coal prices in the second quarter is not the primary reason for the sharp earnings drop but other factors such as: 1) a 13% cut in coal production; 2) 20%-40% production declines for major coal-chemical products; and 3) falling coal-chemical prices have dam...
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