Shenhua’s Full-Year 2018 Result in Line; Shares Are Slightly Undervalued.
Narrow-moat China Shenhua’s full-year 2018 result contains few surprises, with net profit falling 8% year over year to CNY 44 billion. This implies a flat recurring fourth-quarter performance, despite an 8.8% drop in the benchmark QHD 5,500 kcal spot coal prices. We think this reflects Shenhua’s competitive advantage with integrated coal power business, as stronger power demand, coinciding with falling coal price, helped to offset the weakness at coal segment. In addition, with 82% of coal outpu...China Shenhua Energy and its subsidiaries are engaged in the production and sale of coal; the generation and sale of power; and providing transportation services in the People's Republic of China (the "PRC"). Co. operates coal mines as well as an integrated railway network and seaports that are used to transport Co.'s coal sales. The primary customers of Co.'s coal sales include power plants and metallurgical producers in the PRC. Co. also operates power plants in the PRC, which are engaged in the generation and sale of coal-based power to provincial or regional electric grid companies.
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