China Coal’s Strong First Quarter in Line; Maintain FVE at HKD 3.38 per Share.
In line with the industrywide earnings rebound, no-moat-rated China Coal Energy posted a turnaround with recurring net profit soaring to CNY 1.1 billion under China GAAP. The result was largely within expectations, with the sharp 84% rebound in coal selling price the key earnings boost, despite weakness at the chemical segment. We expect coal prices to pull back in the second quarter, which is normally the slackest season for downstream demand, especially with excess coal supply and industrywide...
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