China Coal’s Strong 1Q Boosted by Improving Coal-Chemical Profit; Shares Remain Undervalued
No-moat China Coal’s strong first quarter, with recurring net profit rising 12% to CNY 1.4 billion under PRC GAAP, slightly beat our expectations, boosted by increased sales at its coal-chemical segment following the start of the Mengda engineering plastics project. However, the increased volume failed to arrest a decline in the gross profit margin, suggesting this business is still facing challenges to alleviate cost pressures, and our conservative view on the company coal-chemical segment is u...
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