Shenhua’s Strong 1Q Slightly Ahead; Expecting a Weaker Second Half on Softening Coal Prices.
Narrow moat-rated China Shenhua reported a strong first-quarter result, with net profit rising 173% to CNY 12.9 billion under IFRS, and tracking 39% of our full-year earnings forecast. The sharp coal price rebound, with the average benchmark Bohai Rim Steam-coal Price Index, or BSPI, rising 56% from a year ago, was the key earnings boost. This, along with a decent 12% earnings growth at transportation segment, more than offset the weakness at power segment. We think the first quarter is likely t...
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