China Coal Beats on Higher Coal Trading Volume and Improving Chemical Profit; Shares Undervalued
No-moat-rated China Coal’s strong first-half result, with recurring net profit rising 54% year over year to CNY 3.4 billion, came in above our expectations. The higher-than-expected earnings were boosted by a sharp 70% increase in coal trading volume, compared with 9.9% growth for the country as whole. We estimate that this, along with increased sales at its coal-chemical segment following the start of the Mengda engineering plastics project, contributed more than 80% of the increment of the com...
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