China Coal's 1Q In Line; Coal Production Expansion in 2019-21 a Key Highlight
No-moat-rated China Coal’s first quarter saw net profit well within expectations and largely flat at CNY 1.7 billion under IFRS. The commercial start of production of two coal mines in Inner Mongolia last November boosted output by 43%, offsetting coal price weakness and cost inflation. With visible coal projects in the pipeline, we think strong coal mining capacity growth will be the key highlight for China Coal in the coming three years. However, our bearish coal price outlook is unchanged. We...
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