Shenhua’s First-Half Results Beat on Significant Cost Reduction and Railway Turnover
Narrow-moat-rated Shenhua’s first-half 2016 result of CNY 11 billion was in line with its preliminary announcement and better than we anticipated. Most impressively, the company’s transportation segment saw a strong earnings boost, with operating profit increasing 52% year over year to CNY 8.9 billion, surpassing the power segment to become the largest earnings contributor, and accounting for 40% of the group’s total operating profit. In addition, Shenhua’s significant cost reduction in the seco...
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