Shenhua’s Third Quarter In Line; FVE Raised to HKD 16.40 on Coal-Price Hikes
Narrow-moat Shenhua’s third-quarter results were broadly within expectations, with net profit up 37.5% year over year to CNY 7.8 billion. Coal prices continue to rise sharply, with the Bohai-Rim Steam-Coal Price Index, or BSPI, reaching CNY 593 per tonne as of Oct. 26, 2016, which is the highest since January 2014, and exceeded our expectations. We raise our full-year 2016 and 2017 net profit forecasts by 6% and 23%, to CNY 21.5 and CNY 25.8 billion, respectively; consequently, our fair value es...
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