Shenhua’s Profit Guidance Implies a Flat 4Q Earnings, Despite 9% Fall in Coal Price
China Shenhua’s preliminary full-year 2018 profit guidance of CNY 44.5 billion points to a better-than-expected fourth-quarter performance as an 8.8% drop in the benchmark QHD 5,500 kcal spot coal prices should have led to a drop in earnings. We think fourth-quarter profit could have been supported by stronger-than-expected power output and pickup in second-half coal rail-transport demand. In addition, the monthly coal production volume recovered to 25.5 million tons in the fourth-quarter, from ...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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